GameStop has entered the world of cryptocurrency by purchasing 4,710 Bitcoin, affirming its interest in digital assets. The move places the company on the list of the top 13 publicly listed companies holding Bitcoin in their treasury.
GameStop’s new ranking edges out many other companies, such as Semler Scientific, which had entered the crypto game previously.
The firm unveiled the move on May 28, consistent with previous announcements made in March for diversifying the firm’s assets. GameStop, which deals in video game retail, had previously indicated plans to utilize a share of its $4.5 billion cash pile for Bitcoin exposure. The move embodies the firm’s new direction towards contemporary finance and digital currency.
The buy now positions the company as one of the biggest corporate Bitcoin holders, as per Bitcoin Treasuries. The acquisition gives its traditionally brick-and-mortar retail-oriented assets a digital twist, distinguishing it from other corporations. The 4,710 Bitcoins owned by GameStop are now valued at an estimated $513 million as per the latest market valuations.
Crypto community urges GameStop to deepen involvement
The move had an effect on investor sentiment as well, with GameStop shares having a 3 percent gain during pre-market trading in the U.S. As per Google Finance reports, the market responded positively to the move, maybe viewing it as a progressive and modern financial move.
In the wake of the announcement, voices from the crypto community have called for more action from GameStop than just holding onto Bitcoin. Some believe the company should host a full Bitcoin node as well as an open proof-of-reserves system.
This is a reasonable proposition because GameStop is not a typical corporate investor. The retail and pop culture origins of the company and its identity are not in financial assets or technology infrastructure. Becoming more hands-on with Bitcoin can shore up its credibility within the crypto space and unlock new avenues for innovation.
GameStop has made no further statements about what the future holds with Bitcoin or community recommendations. As the market waits for the company’s move, all eyes are now turned towards how this atypical corporate player will move in the space of digital assets.
