Having talked about it for months, GameStop (GME:NYSE) has finally pulled the trigger on its determined, if dicey, bitcoin raid.

The ‘meme’ stock unveiled the purchase of 4,710 bitcoins on 25 May, valued at more than $515 million, as part of an investment strategy designed to ride cryptocurrency potential far beyond its computer games-retailer roots, and it will certainly add an extra dimension to future earnings releases, with the next update set for after the market closes on 10 June.

Analysts project revenue to decline approximately 14.5% year-on-year to around $754.2 million from $881.8 million in the first quarter last year, albeit with cost cuts likely to return earnings to positive territory after last year’s $0.12 loss per share.

But with quarterly revenue having declined from past highs of $2 billion, the new investment strategy, approved by the GameStop board in March 2025, is a clear attempt to reshape its growth trajectory by capturing bitcoin enthusiasm.

Many believe the cryptocurrency can become an independent global reserve asset like gold. The strategy rethink is also, presumably, an attempt to replicate the rampant share price returns of Michael Saylor’s Strategy (MSTR:NASDAQ) – formerly called MicroStrategy – which holds the world’s largest corporate bitcoin collection, worth in excess of $61 billion.  

Strategy has seen its share price surge 130% over the past year as bitcoin’s valuation jumped, and now trades at $372, valuing the business at around $104 billion. GameStop stock has been no match, eking out gains of less than 10%, below the returns of the S&P 500. 

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QUARTERLY RESULTS

10 June: JM Smucker

12 June: Adobe, Kroger

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