GameStop shares rallied on March 26, climbing nearly 12% after the company announced plans to purchase Bitcoin as part of a broader shift in its investment strategy. The stock closed at $28.36, up 11.65% for the day, according to Google Finance.
The surge followed news that GameStop will raise $1.3 billion through a convertible senior notes offering, a form of debt that can later be converted into equity. The funds will be used for general corporate purposes, which include acquiring Bitcoin, according to the company’s statement.
“GameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop’s Investment Policy,” the statement read.
This announcement builds on a March 25 disclosure in which the company said it may use a portion of its growing cash reserves—or future financing—to buy digital assets like Bitcoin and USD-pegged stablecoins. As of February 1, GameStop reported cash reserves of $4.77 billion, a sharp increase from $921.7 million the previous year.
The move comes as GameStop continues restructuring efforts, including cost-cutting and store closures. Despite a $511 million drop in year-over-year sales during Q4 2024, the company reported net income of $131.3 million—more than doubling its earnings from the same period the year before. GameStop shuttered 590 stores across the U.S. in 2024 as part of its leaner business model.
GameStop’s pivot toward Bitcoin aligns it with other companies making similar moves. Strategy, a firm that began buying Bitcoin in 2020, has seen its stock rise 3200% since adopting its crypto strategy. Japanese company Metaplanet announced plans to acquire 21,000 BTC by 2026 and saw its stock skyrocket 4800%, while Semler Scientific also benefited from a Bitcoin-related boost.
Currently, 32 publicly traded companies hold Bitcoin on their balance sheets, according to CoinGecko. GameStop’s foray into digital assets could attract a new wave of investors as it seeks to reinvent itself once again—this time with cryptocurrency playing a key role in its future.
