GameStop Makes Wild Crypto Bet, Buys 4,710 Bitcoin—Is It Genius or Desperation?

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In a move that would make even the most devout memestock believer raise an eyebrow, GameStop, the beloved video game retailer turned crypto enthusiast, has decided to go all-in on Bitcoin. Yes, you heard that right—more than half a billion dollars poured into the world of digital coins. Can you say ‘HODL’? 🤑

On Wednesday, May 28, GameStop announced with a flair of digital triumph that it had acquired 4,710 Bitcoin (BTC) for a staggering $519 million. With each Bitcoin worth about $109,728, it seems that GameStop is no longer just a laughing stock of Wall Street—it’s a player in the crypto game too. The stock? It’s up by 3% before the market even opens. A sign of triumph? Or just another meme? Who knows, really. 😏

GameStop has purchased 4,710 Bitcoin.

— GameStop (@gamestop) May 28, 2025

But wait, it gets better (or worse, depending on your view of this financial madness). This comes hot on the heels of GameStop completing a $1.5 billion convertible senior note deal back in April, an audacious play designed to cash in on its memecoin fame. The company is hoping to turn those digits into more Bitcoin and, possibly, a stock price that doesn’t make investors question their life choices.

It’s not the first time GameStop has taken a dive into the crypto pool. Back in March, they approved a plan to swap a chunk of their $4.77 billion cash reserves into Bitcoin, though the details were as elusive as a rare Pokémon. 🧐

Can Bitcoin Save GameStop? Or Is This Just a Wild Gamble?

The latest Bitcoin splurge seems to be GameStop’s desperate attempt to emulate the moves of Michael Saylor, the man who turned Bitcoin into his personal gold mine. Back in February, CEO Ryan Cohen was spotted posing with Saylor, a subtle (but not really) hint that GameStop was about to pivot into crypto. Because why not? 🤷‍♂️

So far, the crypto strategy has been somewhat successful—GameStop’s stock has jumped by 5.99%, reaching $35 per share. It’s a far cry from the $25 it was worth when whispers of Bitcoin began. But let’s be honest, any stock that’s tied to memes and digital currency is one wild ride—who knows what tomorrow holds? 🚀

And let’s not forget, GameStop isn’t the only one throwing their hat into the Bitcoin ring. On the very same day, Metaplanet from Japan issued $50 million in bonds to buy more Bitcoin, and Trump Media & Technology Group (yes, THAT Trump) unveiled plans to drop $2.5 billion into Bitcoin. If this keeps up, we might just see a Bitcoin bubble the size of a small country. 🏰

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2025-05-28 15:54