A general view of the Gamestop logo in one of his shops in the city center of Cologne.
Ying Tang | Nurphoto | Getty pictures
Gamestop said on Wednesday that it officially bought 4,710 bitcoins worth more than half a billion dollars when the retailer for video games began his crypto purchase plan in a similar step, which was famous by Microstrategy.
The purchase, his first investment in Bitcoin, was worth 512.6 million US dollars with Bitcoin price of USD 108,837 on Wednesday. The world's largest cryptocurrency has recently been in tear and has reached a record high near 112,000 US dollars last week, since the trade voltages and the downgrading of US souley -due debt were emphasized by the Moody Alternative value memory such as Bitcoin.
Gamestop's shares fell by 10.9%on Wednesday after the news. According to February 1st, the company had accumulated a bare heap of 4.76 billion US dollars in April.
For the first time, CNBC reported about Gamestop's intent to record cryptocurrencies in the balance sheet in February. The company confirmed its plan at the end of March and said that there was no upper limit for the amount of Bitcoin that it can purchase.
CEO Ryan Cohen performed on Wednesday after the announcement at the Bitcoin 2025 conference in Las Vegas. In a predetermined video, he said that Gamestop's decision to buy Bitcoin was determined by macro problems as a digital coin with a fixed supply and decentralized nature to protect certain risks.
“If the thesis is correct, Bitcoin and gold can also be a protection against global currency devaluation and the systemic risk,” he said. “Bitcoin has certain unique advantages compared to gold, the aspect of portability. It is immediately transferable worldwide. It is immediately checked via the blockchain … there is also the scarcity element.”
Gamestop enters the footsteps of the software company Microstrategy, which is now known strategywhich has bought Bitcoin worth billion dollars in recent years to become the largest company owner of the flagship cryptocurrency. This decision prompted a quick, although volatile increase for the shares of the strategy.
“Gamestop follows Gamestop's strategy. We don't follow the strategy of others,” said Cohen.
Gamestop's entry into cryptocurrencies marks the recent effort of Cohen to revive the fighting inpatient business. After leading Cohen, Gamestop has focused on reducing costs and optimizing the company to ensure that the company is profitable.