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GameStop Buys 4,710 Bitcoin, Joins Growing List of Corporate Holders

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  • 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.

Read More | Bitcoin Becomes a Revolutionary Payment Option at Steak ‘n Shake Across the U.S.

Blackstone Makes First Crypto Move With $1M Bitcoin ETF Purchase

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  • Blackstone made its first crypto-related investment by purchasing Bitcoin ETFs worth $1.08 million.
  • The firm added 23,094 shares of BlackRock’s iShares Bitcoin Trust ETF to its Alternative Multi-Strategy Fund.
  • Blackstone also bought 9,889 shares of the ProShares Bitcoin ETF valued at $181,166.

Blackstone entered crypto by purchasing $1.08 million worth of Bitcoin ETFs. This marks Blackstone’s first-ever investment in digital assets. BlackRock’s iShares Bitcoin Trust ETF (IBIT) shares were added to the Alternative Multi-Strategy Fund run by the firm.

The move highlights a shift in Blackstone’s approach, as the firm historically avoided direct exposure to cryptocurrencies. On March 31, it had $1.2 trillion in assets under management. The new crypto assets amount to less than 1% of the portfolio, representing an important policy shift.

Blackstone also disclosed its stake in two other Bitcoin-related securities. They are now part of the firm’s broader efforts in alternative assets. The risk caused by crypto exposure is not big, but financial firms still consider it.

Blackstone Allocates to BlackRock’s iShares Bitcoin Trust ETF (IBIT)

Blackstone purchased 23,094 shares of IBIT during the first quarter of 2025. The transaction raised the company’s IBIT exposure to $1.08 million. Blackstone included the shares in its Alternative Multi-Strategy Fund (BTMIX), which manages $2.63 billion in assets.

Despite past reservations from Square’s leaders about cryptocurrencies, this decision was made. Blackstone’s CEO previously expressed skepticism about digital currencies. The fund’s earlier views have been replaced by the decision made now.

For the last six weeks, IBIT has regularly seen net inflows. Six months after launching in January 2024, more than $46.1 billion was added to the fund. That growth makes IBIT the top U.S. spot Bitcoin ETF.

ProShares Bitcoin ETF (BITO) Gains Modest Exposure from Blackstone

Blackstone also acquired 9,889 shares of the ProShares Bitcoin ETF (BITO). The total had grown to $181,166 as of March 31. Users can only access Bitcoin by trading futures via BITO, not by holding actual coins.

Canada is introducing regulated ETFs in digital assets with another careful step. Blackstone used this approach to limit risk while gaining market presence. The investment follows the direction of the fund’s alternative strategy.

Many choose BITO as a convenient way to access Bitcoin price changes. Its design allows firms like Blackstone to test crypto strategies. The purchase diversifies Blackstone’s exposure across multiple crypto-linked instruments.

Bitcoin Depot Inc. Shares Also Enter Blackstone Portfolio

Blackstone reported buying 4,300 shares of Bitcoin Depot Inc. (BTM) during the same quarter, which together were worth $6,300. Throughout North America, Bitcoin Depot provides service on many crypto ATMs.

It’s not a large role, but it does highlight interest in crypto infrastructure. By adding BTM, Blackstone gains indirect exposure to retail-facing digital asset services. This is in addition to the ETFs the company has invested in concerning blockchain.