GameStop bought $500 million of bitcoin

GameStop announced on Wednesday that it bought 4,710 bitcoin, which is worth over $500 million at the time of the purchase. The video game retail chain has struggled to stay relevant in a time when digital gaming purchases are increasingly popular — plus, the company took on a new kind of notoriety when it unwittingly became the center of a short squeeze in 2021. GameStop stock remains a bit inflated from where it was before the meddling of Reddit community r/WallStreetBets, but years out from its unpredictable moment in the spotlight, GameStop is still reporting annual declines in net sales. To support its financials, GameStop announced to investors in March that it would update its investment policy to add bitcoin as a treasury reserve asset, and today’s news represents GameStop’s follow-through on that promise. GameStop stock stumbled after each crypto-related announcement, likely due to investors’ concerns around the historic volatility of crypto. GameStop’s recent interest in ... Read full article.