Popular gaming retailer GameStop has announced the acquisition of 4,710 Bitcoins as part of its new investment strategy.
The company announced in a tweet on 28 May, officially joining large corporate Bitcoin buyers like Strategy and Metapnalnet.
A major shift
GameStop started making the move for Bitcoin investing early this year. The company’s decision to buy Bitcoin was a major shift in its investment strategy, considering that business has not been going well.
As of March, 590 GameStop stores were closed in the U.S. alone, hence the need to diversify investors’ portfolios. According to the company, investors had unanimously agreed to add Bitcoin to the treasury, thus paving way for the Bitcoin purchase.
The first decision in this direction was reached in March, when GameStop announced that it had raised $1.5 billion after selling its convertible senior notes to investors with the intention of using part of the proceeds for acquiring Bitcoin.
GameStop isn’t the first mainstream business to buy Bitcoin, but is definitely one of the earliest corporate buyers, as many more are still skeptical about the asset.
Companies like Strategy have been buying the number one crypto asset since 2020, and are now the biggest corporate Bitcoin holders.
A positive development for crypto
The acquisition of Bitcoin by GameStop has been well-received in the crypto community and crypto enthusiasts see it as a major milestone in mainstream Bitcoin adoption.
As a result, many have expressed optimism that the asset’s value is likely to see a new shift as well. Bitcoin recently hit a new all-time high of over $110,000, but hasn’t been able to sustain an upward move.
It is trading at just under $109,000 at the time of reporting, and it’ll be interesting to see how this new GameStop purchase affects price in the coming days.
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