GameStop’s Bitcoin Treasury Strategy: A Complete Timeline and Analysis

GameStop’s board unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset on March 25, marking a strategic pivot that would transform the video game retailer into a hybrid retail-crypto company. This decision came after CEO Ryan Cohen posted a picture of himself with MicroStrategy’s Michael Saylor at Mar-a-Lago in February –  sparking widespread speculation about GameStop’s crypto ambitions.

Gamestop Major Fundraising Through Convertible Notes

The story begins with GameStop’s aggressive fundraising strategy. In March GameStop completed a $1.3 billion convertible notes offering, with the full $200 million greenshoe option exercised, bringing total proceeds to $1.5 billion. However, this was just the beginning.

This month, GameStop has announced an even larger $1.75 billion convertible notes offering, which was subsequently increased to $2.25 billion with an additional $450 million option. If fully exercised, this could bring total fundraising to $2.7 billion, significantly expanding beyond the initial figures mentioned in your story.

The Bitcoin Purchase & Market Reaction 

GameStop has purchased 4,710 Bitcoin between May 3 and June 10, 2025, for approximately $513 million in cash.  According to BitcoinTreasuries.net data, this makes GameStop the 13th largest corporate Bitcoin holder globally The announcement initially led to a 4.4% rise in GameStop’s shares during pre-market trading, but the stock experienced a 10.9% decline later that day reflecting investor uncertainty about the strategic direction. GameStop shares fell 22.5% on the day of the June convertible notes announcement.  GameStop is part of a $50 billion institutional surge into Bitcoin as a treasury asset, following companies like MicroStrategy (now called Strategy) Wedbush Securities MD analyst Michael Pachter has expressed skepticism, stating “The company’s strategy, which has changed about six times in three years, is they’re going to buy cryptocurrency and be just like MicroStrategy.”

GameStop acknowledged the risks in its SEC filings, stating “Bitcoin, for example, is a highly volatile asset and has experienced significant price fluctuations over time. Our Bitcoin strategy has not been tested and may prove unsuccessful”