Gamestop just ignited a Wall Street frenzy by snapping up 4,710 bitcoin—catapulting its stock skyward and electrifying its pivot into digital asset dominance.

Gamestop’s 4,710 Bitcoin Acquisition Powers GME Shares Higher

Game retailer Gamestop Corp. (NYSE: GME), known for selling video games and consumer electronics, announced on May 28 that it had acquired 4,710 bitcoin. The company disclosed the purchase in a statement:

Gamestop Corp. (NYSE: GME) … today announced that it has purchased 4,710 bitcoin.

Gamestop shares rose nearly 3% in premarket trading following the news. The stock has gained about 12% year to date. As of Feb. 1, the company held $4.76 billion in cash, according to its annual report released in April. With bitcoin trading at $109,064 at the time of writing, the company’s holdings are valued at over $513 million.

This development follows a strategic shift introduced in March, when Gamestop updated its investment policy to allow allocation into digital assets, including bitcoin and U.S. dollar-pegged stablecoins. The new framework marked a turning point for the company, which has grappled with declining revenues and a retail model increasingly outpaced by digital distribution.

As part of its broader pivot, the video game retailer also announced plans to raise $1.3 billion to advance its bitcoin strategy in March, stating: “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 move echoes the high-profile crypto treasury approach of software intelligence firm Strategy (Nasdaq: MSTR), which has made bitcoin a central pillar of its financial strategy.

Strategy’s executive chairman, Michael Saylor, a vocal advocate for corporate bitcoin adoption, endorsed the shift earlier this year. After hosting a poll on social media platform X, Saylor said the results showed that Gamestop must buy over $3 billion to be respected by bitcoiners. While the current acquisition falls short of that figure, it marks a definitive step toward repositioning the game retailer in the digital finance space. Supporters argue this transformation could breathe new life into the company’s brand, while critics caution about the risks tied to crypto market volatility and Gamestop’s financial track record.