On May 28, the stock price of video game and collectibles retailer GameStop fell nearly 11% after the company announced its first purchase of Bitcoin (BTC), triggering a typical "sell the news" reaction.
According to Google Finance, the stock closed at $31.21 on the New York Stock Exchange.
GameStop announced on May 28 that it had purchased 4,710 Bitcoin (BTC) worth approximately $513 million. The company confirmed plans to create a BTC treasury strategy on March 26, following months of speculation and rumors among investors that the company would begin accumulating the cryptocurrency.
Trump Media & Technology Group (TMTG), the parent company of President Donald Trump's Truth Social platform, also saw its stock price plummet after announcing a $2.5 billion fundraising to purchase Bitcoin. Since the announcement on May 27, TMTG's stock price has dropped over 24%.
GameStop's move to use Bitcoin (BTC) as a treasury reserve asset reflects a growing trend of more companies turning to Bitcoin to protect cash reserves or reposition themselves as Bitcoin acquisition tools.
At the Bitcoin 2025 conference held in Las Vegas, Nevada, GameStop CEO Ryan Cohen stated, "Bitcoin and gold can serve as hedges against global currency devaluation and systemic risk." According to Cohen:
"Bitcoin has certain unique advantages over gold. In terms of portability, it can be transferred instantly worldwide, while gold is bulky and has very high transportation costs; its authenticity can be verified instantly through blockchain. You can easily store Bitcoin in a wallet, while gold requires insurance and is very costly."
The CEO also mentioned Bitcoin's absolute scarcity and factors that could lead to rising inflation rates for gold due to technological advancements, which are reasons for choosing Bitcoin over gold as a long-term store of value.
Bitcoin, as a digital asset, is still in its early stages and continues to be monetized, thus having greater potential for upside. Cohen stated:
"Gold is a more mature market. Its market capitalization is about $20 trillion, while Bitcoin's current market capitalization is around $2 trillion."
Related: The Wall Street Journal: BlackRock to Participate in $1.5 Billion Bond Sale for Telegram
Original article: “GameStop Shares Sink 11% After Bitcoin (BTC) Purchase”
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