Video game retailer %GameStop (NYSE $GME) is raising $1.75 billion U.S. to buy more %Bitcoin (CRYPTO: $BTC).
As its video game sales have declined, GameStop has taken a page from Michael Saylor’s company %Strategy (NASDAQ: $MSTR) and moved to become a serial acquirer of Bitcoin.
Along with its recent financial results, GameStop disclosed that it bought 4,710 Bitcoins between May 3 and June 10 of this year, a stake worth just over $500 million U.S.
Proceeds from the latest equity raise will be used to buy even more Bitcoin, the company said in a news release. GameStop’s investment policy is to add BTC as a treasury reserve asset.
The company first announced its Bitcoin treasury strategy in March of this year.
While management, led by Canadian CEO Ryan Cohen, has said GameStop is focused on acquiring Bitcoin, they have also said they may invest in stocks as well.
GameStop’s latest financial results were mixed, with earnings per share (EPS) of $0.09 U.S. beating Wall Street forecasts but revenue of $732.4 million U.S. falling short of consensus.
News of the latest equity raise has sent GME stock down 17% in premarket trading on June 12. So far in 2025, GameStop’s share price has declined 7% to trade at $28.55 U.S.
