GameStop Goes All-In on Bitcoin: A $519 Million Bet on Crypto!

GameStop isn't playing around anymore—they've just dropped a cool half a billion dollars on Bitcoin, doubling down on their memestock fame!

Holy smokes, GameStop's going full throttle into crypto! On May 28th, they blasted out on social media that they snagged 4,710 Bitcoins, totaling a whopping $519 million at $109,728 per BTC. And guess what? Their stock surged over 3% before Thursday's opening bell. Talk about a power move!

GameStop has purchased 4,710 Bitcoin. pic.twitter.com/gGdr0BRrAv

This bombshell came right after they wrapped up a $1.5 billion convertible senior notes sale on April 1st. They're using their memecoin mojo to pump up Bitcoin, their share price, and get investors hyped!

And get this—GameStop's no rookie to the Bitcoin game. Back on March 25th, they greenlit a plan to turn some of their $4.77 billion cash stash into Bitcoin, though they kept the exact amount hush-hush.

Can Bitcoin Save GameStop?

Looks like GameStop's diving into Bitcoin to save their sinking ship, taking a page out of Michael Saylor's playbook. Remember that February snap of CEO Ryan Cohen with Saylor? Traders saw it as a big ol' hint at their crypto pivot.

So far, so good! After dropping $519 million on Bitcoin, GameStop's stock skyrocketed 5.99% to $35 per share. Since hinting at their Bitcoin move in February, their stock's soared 40% from $25!

GameStop's not alone in this crypto craze—everyone's trying to pull a Saylor to juice up their stock value. Just look at Japanese Metaplanet, who on May 28th, issued $50 million in bonds to beef up their Bitcoin stash. And the day before, Trump's Trump Media & Technology Group announced plans to scoop up $2.5 billion in Bitcoin. It's a wild ride, and GameStop's right in the thick of it!