According to Cryptonews, GameStop, the video game retailer known for its meme stock status, has purchased 4,710 Bitcoin for $515 million between May 3 and June 10, 2025. This move aligns with the company's strategy to adopt Bitcoin as a treasury reserve asset, following a board decision in March. The acquisition comes as GameStop faces declining sales, with first-quarter revenue dropping 17% to $732.4 million. Despite efforts to enhance its digital presence, the company struggles with the industry's shift from physical to digital gaming. GameStop's Bitcoin purchase mirrors strategies of companies like MicroStrategy, aiming to position Bitcoin as a long-term asset. However, investor response has been cautious, with GameStop's stock falling nearly 20% post-announcement, reflecting skepticism about the company's future direction.
GameStop Acquires 4,710 Bitcoin Amid Struggling Retail Performance
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