- GameStop bought 4,710 Bitcoins for $513 million, confirming the move on May 28.
- Its stock has risen 30% over the past month and is trading at $36.30 in pre-market.
- 113 public companies now hold Bitcoin; MicroStrategy leads with 580,000 BTC.
GameStop revealed a major move on May 28 by announcing it had purchased 4,710 Bitcoins. The news came from the company’s official X account. While the announcement did not include the exact purchase price or transaction dates.
At the time of the disclosure, the total value of the Bitcoin acquired was approximately $513 million. The company had previously announced in March that it would pursue Bitcoin investment through debt financing. To support the acquisition, GameStop launched a $1.3 billion convertible notes offering.
Speculation about investment in digital assets had already lifted GameStop stock earlier this year. In February, just the rumors caused shares to rise 18%. March brought another 12% gain. On May 27, GameStop shares closed at $35 and reached $36.30 in pre-market trading. The stock has increased around 30% over the last month and is up approximately 10% for the year.
This isn’t the company’s first foray into digital assets. In 2022, GameStop introduced a crypto wallet during the height of the Web3 surge. That venture was short-lived, ending just a year later due to “regulatory uncertainty.”
Corporations Moving Fast into Bitcoin
In addition, Japanese firm Metaplanet confirmed it had raised $50 million through zero-interest bonds to purchase more Bitcoin on May 28. The bond issuance, its 16th, was fully subscribed by the Evo Fund in the Cayman Islands.
Metaplanet, now Asia’s top public Bitcoin holder and ranked 11th worldwide, began collecting Bitcoin in April 2024. With a target of 10,000 BTC by the end of 2025, it recently added another 1,004 Bitcoins worth $104 million, pushing its total to 7,800.
Meanwhile, France’s Blockchain Group announced a $72 million Bitcoin purchase after raising €63.3 million through a recent bond sale. In the U.S., asset manager Blackstone entered the crypto market on May 20 with a $1.08 million investment, acquiring 23,094 shares of BlackRock’s iShares Bitcoin Trust.
Trump Media & Technology Group is also planning to raise $2.5 billion to support its own crypto investments. This trend mirrors the approach taken by MicroStrategy—now rebranded as Strategy—which holds 580,000 Bitcoins and has a market cap exceeding $100 billion.
As of late May, 113 publicly traded companies hold Bitcoin on their books. That number has jumped from 89 just last month. Together, they control more than 800,000 Bitcoins worth about $88 billion.
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