GameStop Buys $512M In Bitcoin, Joins Corporate Crypto Trend

HomeNews* GameStop purchased 4,710 Bitcoin, valued at $512 million, as a corporate treasury asset.

• The company’s CEO called Bitcoin a hedge against inflation and systemic risk, but provided no future purchase details.
• Multiple Ethereum-based games, including Realms of Alurya and Wonder Wars, shut down citing funding difficulties, highlighting challenges in crypto gaming.
• Bored Ape Yacht Club maker Yuga Labs sold the Moonbirds IP to Orange Cap Games and is focusing on its core brands.
• Several blockchain games and projects announced shutdowns or new launches amidst a rough market, with many tokens struggling for value. GameStop announced on Wednesday that it acquired 4,710 Bitcoin, worth approximately $512 million, to use as a corporate reserve asset. The move follows a $1.5 billion convertible notes offering that ended in April and reflects a shift in the company’s approach to treasury management.

• Advertisement - Chief Executive Ryan Cohen said that Bitcoin is intended as a hedge against currency devaluation and systemic risk. Cohen did not disclose any information about future Bitcoin purchases, explaining that the company will keep its strategy confidential. GameStop joins other public companies, such as Tesla and mining firms, that hold significant Bitcoin reserves. Meanwhile, some companies, like SharpLink Gaming, are diversifying by investing in Ethereum, raising $425 million for that purpose.

GameStop became widely known as a “meme stock” during a 2021 trading surge sparked by Reddit users. During a recent appearance at Bitcoin 2025, Cohen indicated the company faced pressure from the digital download trend before he joined in 2021. Following the Bitcoin purchase announcement, GameStop shares fell 11% on Wednesday and continued to decline throughout the week, ending below $30 per share on Friday.

Two Ethereum-based games on the Ronin network, Realms of Alurya and Wonder Wars, have gone offline due to funding problems, drawing attention to difficulties within crypto gaming. According to developer Hello Monster, Wonder Wars could not maintain funding or reach sustainable profit and decided not to launch its token, calling pure speculation “dishonest.” Realms of Alurya also announced closure, citing an unexpected loss of support from publisher Treasure, which has shifted its focus to AI initiatives. The development team admitted over-relying on the publisher and said the funding loss disrupted their entire roadmap.

These shutdowns are part of a broader trend. Other games, such as Nyan Heroes, Ember Sword, The Mystery Society, and The Walking Dead: Empires, have recently shut down or are set to, mostly citing financial issues. Of all gaming tokens, only Immutable’s IMX remains in the top 100 by market capitalization.

Separately, Yuga Labs, creator of the Bored Ape Yacht Club, sold the Moonbirds IP to Orange Cap Games, the startup behind the trading card game Vibes. Yuga Labs has redirected its focus to its main Bored Apes brand after also selling IP rights to Meebits and CryptoPunks.

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