- Video game retailer GameStop (NYSE:GME) saw its stock take a hit after making a big Bitcoin purchase this week
- Its board had unanimously approved an update to its investment policy to add Bitcoin as a treasury-reserve asset
- GameStop made good on this and purchased 4,710 Bitcoin worth roughly US$500 million
- GameStop stock (NYSE:GME) opened trading at US$31.17
Video game retailer GameStop (NYSE:GME) saw its stock take a hit after making a big Bitcoin purchase this week.
After its board unanimously approved an update to its investment policy to add Bitcoin as a treasury-reserve asset earlier this year, GameStop made good on this and purchased 4,710 Bitcoin worth roughly US$500 million earlier this week. It was this time last week when Bitcoin hit its all-time high of US$111,717.45.
Investors can likely find out more when GameStop releases its fiscal Q1 2025 results after the market closes on Tuesday, June 10, 2025.
GameStop recently sold off its Canadian stores which re-branded back to the trusty old EB Games name.
About GameStop Corp.
GameStop Corp. is a U.S. video game, consumer electronics and services retailer. The company operates across Europe, Canada, Australia and the United States. It sells new and second-hand video game hardware, physical and digital video game software, and video game accessories.
GameStop stock (NYSE:GME) closed 10.85 per cent lower on Wednesday and fell more than 4 per cent on Thursday, opening US$31.17. Since this time last year, it has gained 46.94 per cent.
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