GameStop Spent Over Half a Billion Dollars Buying Bitcoin. Here's What That Could Mean for the Struggling Stock
GameStop hopes its new Bitcoin purchase will bring it success like that of Strategy, which is up over 150% over the past year.
GameStop (NYSE: GME), the subject of a meme stock craze several years ago, is making some big moves.
The embattled video game retailer has raised a tremendous amount of money and begun acquiring Bitcoin. It recently announced purchases made between May 3 and June 10 totaling 4,710 Bitcoins, at a cost of over $500 million.
GameStop has declined nearly 30% since the start of 2025. The pivot to Bitcoin puts GameStop on a similar path to Strategy (MicroStrategy) (NASDAQ: MSTR), and investors hope it will produce similar results. Strategy's share price is up nearly 150% over the past year alone.
