On a Wednesday, GameStop’s shares jumped 16% in premarket trading as the company announced confirming it will invest its cash and future debt into bitcoin. This decision came despite a troubling financial quarter that saw revenue drop 28%, sliding to $1.28 billion when compared to the same period last year. But instead of shying away from bold moves, GameStop doubled down on risk.
Just a month earlier, whispers of a crypto shift were already in the air. A CNBC report had hinted that the company was eyeing Bitcoin and other digital coins as part of its treasury strategy. That alone was enough to push the stock 10% higher. Now the plan is no longer just talk. The board has given the green light, and the company is going all in.
What makes this move especially notable is the backdrop: GameStop has a hefty $4.6 billion cash pile to play with. With this latest announcement, the company hasn’t put a cap on how much Bitcoin it plans to hold. It also made clear that any coins it buys could be sold later, giving it room to maneuver depending on how markets shift.
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Gamestop’s Erratic Stock History
GameStop’s stock has seen extreme volatility since 2021. A historic short squeeze in January that year, fueled by Reddit’s r/wallstreetbets, skyrocketed the price from $17 to over $500, shocking Wall Street. Retail traders aimed to squeeze hedge funds heavily shorting the stock, resulting in massive losses for institutions.
Volatility persisted, and in May 2024, a social media post by Keith “Roaring Kitty” Gill reignited interest, sending shares from under $14 to over $48. GameStop raised $900 million via stock sales. Most recently, in March 2025, the company’s move to invest in Bitcoin caused a 12% stock spike.
Walking in MicroStrategy’s Shadow
GameStop isn’t reinventing the wheel here. In fact, it’s following the well-worn path laid out by MicroStrategy, a software firm that’s become almost synonymous with corporate Bitcoin holdings. Over the years, MicroStrategy has accumulated a Bitcoin fortune. Just last week, it crossed the 500,000 Bitcoin Milestone, taking its total to a staggering $42.8 billion.
Earlier in February, GameStop’s CEO Ryan Cohen gave a not-so-subtle clue about what was coming. He posted a picture on X with Michael Saylor, the co-founder of MicroStrategy. That photo turned out to be more than a friendly snapshot – it was foreshadowing.
As news broke of GameStop’s official Bitcoin investment plan, Saylor was quick to weigh in. “A step in the right direction”, he said. Coming from someone who has staked his company’s identity on Bitcoin, the message was clear: GameStop had earned a nod of approval from the crypto crowd.
Corporate Bitcoin Trend Spreads Beyond Tech
More and more companies are jumping into Bitcoin. It’s no longer just a playground for crypto firms like Coinbase or mining outfits like Riot Platforms. Tesla made headlines with its Bitcoin buy, and Acurx Pharmaceuticals also joined the list of non-tech players exploring this route. The logic isn’t hard to follow. With inflation eating away at the dollar’s value, many see Bitcoin as a digital hedge – something stable to balance out uncertain times.
Read also: Top 5 Public Companies With the Biggest Bitcoin Portfolios
Wall Street seems to be warming to the idea. Even Microsoft shareholders were asked in December whether the tech titan should buy Bitcoin. The proposal didn’t pass, but the fact that it made it to the table showed how far this idea has come.
For companies sitting on large piles of cash, Bitcoin presents a new kind of option. Not everyone is ready to buy in, but more are at least considering it. Some investors see firms that hold Bitcoin as a safer way to get exposure to crypto without actually buying coins themselves.
Timing Is Everything
GameStop’s Bitcoin move didn’t happen in a vacuum. The political climate helped set the stage. A few weeks before the announcement, President Donald Trump signed an executive order to create a strategic reserve of cryptocurrencies. It would use digital tokens already owned by the government. That move added legitimacy to the idea that Bitcoin could be part of national policy.
Meanwhile, bitcoin itself has had a wild ride. Over the past year, it’s up 24%. But in 2025 so far, it’s dipped about 6%. Volatility remains a constant, especially in a market sensitive to political shifts and investor mood swings. Still, the broader trajectory has kept Bitcoin relevant, especially under a crypto-friendly U.S. administration.
