GameStop Makes Major Crypto Move: Buys $512 Million Worth of Bitcoin

GameStop has officially entered the cryptocurrency world, purchasing 4,710 Bitcoin worth approximately $512 million in its first-ever crypto transaction. This move positions the gaming retailer among prominent public holders of Bitcoin, joining the ranks of MicroStrategy and Tesla, as revealed on May 28th via the company’s X (formerly Twitter) account. The investment was funded through a $1.5 billion IOU sale to investors completed in April, earmarked for Bitcoin purchases.