While the US-based video game retailer did not disclose the purchase date or average entry price, the holdings’ current value is near $513 million.
GameStop has yet to respond to CryptoSlate’s request for comment as of press time.
However, the crypto community has called for the firm to go beyond just holding the asset. They have advised the firm to run a Bitcoin node and publish a proof-of-reserves to demonstrate its commitment to the top crypto.
Their view is not surprising considering GameStop isn’t a typical corporate buyer.
The episode triggered multibillion-dollar losses for hedge funds and marked a cultural shift in market trends.
With this purchase, GameStop joins a growing list of corporations turning to Bitcoin as a strategic asset. Market analysts believe this trend could play a key role in pushing Bitcoin to new highs.
A recent report by global brokerage Bernstein projects that corporate treasuries could allocate up to $330 billion to Bitcoin by 2029. The analysis also suggests that small firms with limited organic growth opportunities in traditional markets could explore alternative reserve strategies to stay relevant and competitive.
