GameStop bought $500 million of Bitcoin

Gamestop announced on Wednesday that it had bought 4,710 Bitcoin, which is valued at more than $ 500 million at the time of purchase.

The retail video game series has struggled to stay relevant while the purchase of digital games is increasingly common – in addition, the company took a new type of bad reputation when it was unintentionally a short pressure center in 2021.

Gamestop shares are still slightly enlarged from the place it was before the intervention of Reddit Community R/Wallstreeetbets, but for years of unexpected moments in the spotlight, Gamestop still has a decrease annually in net sales.

To support its financial data, Gamestop announced to investors in March that it will update its investment policy to add Bitcoin as the origin of the treasury reserve, and today’s news is Gamestop on this promise. Gamestop shares have faltered after each advertisement associated with encryption, most likely due to investor concerns about historical fluctuations to encryption.

The last Gamestop interest in Bitcoin is not as random as it might seem.

During the era of former President Joe Biden, the United States government was turning against the encryption industry because of its relationship to fraud and corruption. Now, the Trump administration has turned the script and the creation of the Bitcoin Reserve. Trump’s media company also has plans to raise $ 2.5 billion to buy bitcoin.

Even Trump has called the best Mimokin holders – a volatile encoded currency that is not linked to any real value of value, but rather the trend of some of the communities via the Internet – to a private dinner at the White House.

When Trump and his family became more intertwined with encryption, his opponents raised concerns about Trump’s ability to manipulate the encryption market to make his own financial gains.

Chuck Schumer and Ceff Mercle (D-AR) responded to Trump’s increasing encryption with the “Corruption law at the end of corruption”.

“For the present time, people who want to grow influence with the president can personally enrich him by buying an encrypted currency that he owns or controls it,” senator Mercli said in a press statement. “This is a deep, corrupt scheme. It exposes our national security and leads to the erosion of the public’s confidence in the government.”

But without support across the corridor, these efforts are unlikely to acquire Trump’s morally suspicious investment.

With the United States government alongside it, the Bitcoin price jumped to the highest level ever in May, breaking the mark of $ 110,000 after declining to about 75,000 dollars in April. Companies like Tesla, Coinbase and Block have already carried out large Bitcoin purchases as a way to develop the company’s assets, each owned by one billion dollars from Bitcoin.

Now, with a huge bitcoin purchase, Gamestop follows the steps of these companies.