GameStop Buys Bitcoin, More Ethereum Games Close Up Shop

It’s tough to keep tabs on the ever-changing crypto gaming space, thanks to the constant flow of news: everything from big game launches and fun degen experiments to token price swings and occasional project collapses. It’s a lot to follow.

Luckily, we’re plugged in at Decrypt‘s GG. We cover the biggest happenings throughout the week, and then this weekly roundup provides a quick way to catch up, as well as find a bunch of other little bits of news from throughout the week.

Top stories

GameStop buys Bitcoin: GameStop, the video game retailer that’s made waves in recent years as a meme stock, announced Wednesday that it purchased 4,710 Bitcoin, worth $512 million at the time, to establish a corporate Bitcoin treasury. This follows a $1.5 billion convertible notes offering that closed at the start of April, after the company said in late March that it would add BTC as a reserve asset.

CEO Ryan Cohen said he views Bitcoin as a hedge against currency devaluation and systemic risk, and added that he won’t reveal future purchase timing or strategy. GameStop joins other public companies following Strategy’s Bitcoin playbook, including Tesla and crypto mining firms holding billions in Bitcoin. Other companies are diversifying beyond Bitcoin, with SharpLink Gaming recently raising $425 million to buy Ethereum.

GameStop became a meme stock in 2021 when Reddit users triggered a massive short squeeze against hedge funds. Cohen acknowledged in an interview at Bitcoin 2025 this week that the company was struggling when he joined in 2021, facing pressure from the shift to digital game downloads.

Shares in GameStop (GME) fell sharply on Wednesday, down 11% by the end of trading, and continued sliding on Thursday. On Friday, rose less than 1% to finish below a price of $30, down almost 3% over the last week.

More games go offline: Two Ethereum-based games on the Ronin network, Realms of Alurya and Wonder Wars, have gone offline due to funding difficulties, highlighting broader struggles in crypto gaming.

Hello Monster, developer of Wonder Wars, said it couldn’t secure necessary funding for continued live service operations or achieve sustainable profitability metrics. The team decided against launching its utility token, calling it dishonest to rely on pure speculation.

Realms of Alurya faces similar closure after claiming that publisher Treasure abruptly terminated its exclusivity contract and funding support, amid Treasure’s recent restructuring and pivot to AI. The developers admitted that over-reliance on their publisher was a mistake, saying they were “shocked” by the sudden funding withdrawal that derailed their yearly roadmap.

These shutdowns reflect a growing trend in crypto gaming, with recent closures including Nyan Heroes, Ember Sword, The Mystery Society, and The Walking Dead: Empires (set for a July end), with commonly cited issues including funding struggles and/or a lack of players. Gaming tokens have also struggled, with only Immutable’s IMX remaining in the top 100 cryptocurrencies by market cap.

ICYMI

• Bored Ape Yacht Club maker Yuga Labs sold the Moonbirds IP to Orange Cap Games, the startup behind Abstract-based trading card game, Vibes. Yuga is refocusing on the Apes after also recently selling the Meebits and CryptoPunks IP.

• Planet Mojo announced that NFT auto-battler game Mojo Melee is shutting down effective July 1 as the studio pivots to AI.
• Here’s a first look at FIFA Rivals gameplay ahead of the NFT mobile game’s rollout this summer.

• Solana meme coin bonk is teasing a game launch for Monday, developed by BR1 creator Bravo Ready Games.
• Avalanche-based hero shooter BloodLoop has resurfaced with plans to launch the 5v5 game this month.

• Gamified Telegram sleep app Sleepagotchi is launching on the LINE messaging app.
• Immutable-based game Treeverse is planning its token launch for this month.
• Off the Grid added a Cyberlancer limb that lets players drive a knee-mounted spike into opponents’ heads.

• Player-vs-player shooter game Shatterline will be converted into a single-player experience.
• Meme coin Floki is teasing a metaverse game rollout for June 30.