The stock price of prominent video game retailer GameStop fell for the second straight day after the company announced its first-ever Bitcoin buy in excess of $500 million Wednesday morning.
GME finished the trading day down over 5% to $29.57 per share, diving further after a nearly 11% daily drop by the end of the trading day Wednesday. The Nasdaq-listed stock has lost most of its weekly gains, now up just more than 1% over that span.
GameStop’s share price popped to just shy of $36 at Wednesday’s open, the highest price recorded in nearly a year since GME briefly popped to $48 in June 2024 when meme stock influencer Keith Gill (aka Roaring Kitty) made his return.
The firm has now seen that kind of Bitcoin-related volatility on multiple occasions. GameStop’s stock price rose in late March when it initially disclosed its plans to add Bitcoin as a treasury asset, but then fell soon after when the company announced plans to raise up to $1.5 billion to buy BTC rather than tap into its cash reserves.
While GME was down Thursday, stock market indices were broadly green, albeit only slightly so. The Nasdaq and S&P 500 both finished up by about 0.4%, with the market digesting big news like a U.S. trade court pushing back on President Trump’s tariffs—though an appeals court has since stepped in—and an economic report showing a contraction in GDP.
The continued decline in GameStop’s price over the last two days comes as Bitcoin itself struggles to hold onto recent gains after setting a new all-time high price last Thursday.
After peaking at a new high of $111,814 on May 22, the price of Bitcoin has gradually fallen, now down more than 5% since then to a current mark of $105,957. Other major assets like Solana, XRP, and Dogecoin have fallen harder over the last seven days, while Ethereum is down less than 1% during that span.
GameStop announced early Wednesday that it acquired 4,710 Bitcoin, valued at $512 million at the time and about $499 million as of this writing.
The firm raised just shy of $1.5 billion to put towards the Bitcoin treasury initiative, and CEO Ryan Cohen said during a video interview at Wednesday’s Bitcoin 2025 conference that the firm is “not going to call our shots in advance” regarding potential future BTC buys.
Strategy, the largest corporate Bitcoin treasury holder with over $61 billion worth of Bitcoin, pioneered the model that GameStop is following. It has propelled Strategy’s stock (MSTR) to new heights in recent months, and helped boost many other smaller firms that have adopted their own crypto strategies in recent months.
GameStop investors, however, don’t appear to be as excited about the retailer’s latest crypto embrace—at least so far.
