GME: GameStop Stock Zig-Zags on First Bitcoin Purchase — 4,710 Coins Worth $500 Million

Shopping for Bitcoin is a risky bet for the video game retailer. But it may be the perfect crossover for meme-stock lovers and crypto heads. Now what?

🔥 GameStop Joins the Crypto Party

• GameStop stock GME powered up by about 3% in the first minutes of Wednesday trading only to fall back under the flatline and flash a 3% loss. The zig-zagging follows a big announcement — the video game retailer is officially a crypto hoarder!
• GameStop has purchased 4,710 bitcoins worth $512.6 million, priced at $108,837 per coin (someone bought at the top). That’s nearly 11% of its $4.76 billion cash reserves—a bold move to diversify holdings and gain headlines.
• The move echoes MicroStrategy’s MSTR famed strategy of stockpiling Bitcoin as a treasury asset, only this time with a meme twist. After all, GameStop CEO Ryan Cohen did meet with MicroStrategy’s Michael Saylor a few months ago.

🤓 Meme Market Material

• Can the crypto buzz translate into share-price gains? That’s what we’re all asking. GameStop’s foray into cryptocurrency seeks to position it next to other Bitcoin-friendly corporations like Tesla TSLA and, of course, the legendary MicroStrategy (which, btw, rebranded to Strategy).
• GameStop is the tiny public company that kicked off a giant retail-trading revolution back in 2021. By plowing part of its cash reserves into Bitcoin, it’s entering the next stage of being a meme stock icon — and that’s being a meme stock icon that’s also a Bitcoin hoarder. The crossover we never knew we needed?
• This pivot positions GameStop as a hybrid — part video game retailer, part crypto asset holder — appealing to both diamond hands and digital asset maxis.

🤔 Part Gamble, Part Strategy

• It’s a bold move, but risky too. Bitcoin’s notorious swings could throw GameStop’s financials into a rollercoaster — and investors know it.
• CEO Ryan Cohen has already cut costs and leaned up operations. Now, with crypto on the balance sheet, he’s betting that boldness and buzz will drive the turnaround.
• The company’s cash stockpile, disclosed at $4.76 billion in its latest annual report, means this likely isn’t a one-and-done BTC buy — more could be on the way.
• For Bitcoin, GameStop’s move adds to corporation-level credibility. With ETFs, hedge funds, and now meme stocks getting in — the case for long-term adoption just got another jolt.