GameStop Has Pressed Start on Bitcoin
Theya is the simplest way to take full control of your bitcoin. With our flexible multi-sig vaults, you decide how to secure your keys.
Whether you prefer keeping all keys offline, shared custody with trusted contacts, or robust mobile vaults across multiple devices, it's always Your Keys, Your Bitcoin.
Get started with Theya on the App Store or via our Web App.
Cliff-Notes:
- GameStop has officially added bitcoin to its treasury reserve policy, with the ability to convert ~$4.8 billion in cash and securities, along with proceeds from future capital raises, into BTC.
- Its board unanimously approved the move, with no limit on the size of the allocation.
- In just one day, GameStop's $1.3-billion senior convertible note offering is oversubscribed, signaling that the appetite for Strategy's public offerings wasn't just a one-off—the market is craving these bitcoin-adjacent investment vehicles.
Check out today's Theya Research post in video form 👇
When Strategy, formerly known as MicroStrategy, unveiled its bitcoin strategy in August 2020, most didn't understand what was happening. With just ~$480 million in revenue, a dwindling cash position, and a software CEO buying bitcoin while Wall Street watched in disbelief, the move was understandably unorthodox. But it worked. Their cash grew, their stock soared, and the now-notorious corporate bitcoin treasury playbook was written.
Nearly five years later, that playbook is no longer contrarian. A company ten times the size of Strategy at the time of its first BTC purchase just picked it up—with a full tank and a clear path forward. MicroStrategy stood at a ~$1.3 billion market cap after announcing its intent to acquire bitcoin, just prior to its first purchase:
Fast forward half a decade, and GameStop was sitting at a ~$13 billion market cap following its announcement of a bitcoin treasury strategy—though it has now pared back to sub-$10 billion in the days since:
GameStop has formally updated its investment policy to include bitcoin as a treasury reserve asset. The change, disclosed in its latest 10-K filing, was unanimously approved by its board. It gives the company the ability to allocate any portion of its $4.774 billion in cash, cash equivalents, and marketable securities into bitcoin. Crucially, it also authorizes the use of future capital raises for the same purpose.
In lieu of a maximum investable amount or vague "crypto" language, the GameStop board has given the green light to bitcoin. It’s been published in black and white. Bitcoin now sits alongside treasuries and other securities as an approved holding, without limit, and GameStop has full discretion to begin allocating.
The timing is significant. Just three weeks ago, the United States announced the establishment of a Strategic Bitcoin Reserve—a move that shifts bitcoin accumulation from fringe behavior to official US government policy. That decision shifted the Overton Window for public companies. What was once seen as speculative now carries the weight of sovereign endorsement. GameStop is simply among the first to step through that opening.
Context matters here. The GameStop of 2025 is a long way from its meme-stock heyday. Its core business is fading fast. Revenue is down 31% since 2021, and the company posted a $320 million net loss last year. It closed 441 stores globally in 2023 and hasn’t articulated a viable long-term strategy. In its own 10-K, GameStop acknowledges there is “substantial doubt” about its ability to continue operating if conditions don’t improve. This predicament is familiar.
In 2020, Strategy was facing many of the same problems—stagnating business, shareholder apathy, and a balance sheet that was quietly melting in real terms. That’s when it rotated its idle cash into BTC, then raised convertible debt and equity to buy more. The result? A reinvigorated capital structure, an identity aligned with hard money, and a gargantuan investor base eager to buy whatever investment vehicles they're issuing, solely because they know it will be used to acquire more bitcoin.
Since then, Strategy has raised billions of dollars on numerous occasions and accumulated more than 506,000 BTC. It joined the Nasdaq-100 and continues to lead corporate bitcoin adoption globally.
Bitcoin gave Strategy a second chance at life, which is exactly what GameStop needs right now.
Today, just two days after announcing its intent, GameStop has priced a proposed $1.3 billion convertible note offering. The terms were striking: a 0.00% coupon, no accretion, and a 37.5% conversion premium over the stock’s trading price—yet the market took the entire offering, with the option for another $200 million still on the table.
That level of demand is a referendum on the market’s appetite for publicly traded bitcoin-adjacent vehicles. At a time when GameStop is posting losses, closing stores, and flagging existential risks in its own 10-K, institutional investors still lined up to provide over a billion dollars in financing, knowing full well the company’s stated intention to deploy that capital, at least in part, into bitcoin.
This mirrors a dynamic that was unthinkable just a few years ago. When Strategy first issued debt to fund bitcoin purchases in 2020, it was met with skepticism and often ridicule—seen as an unorthodox allocation that would alienate investors. But in 2025, the opposite appears to be true. GameStop’s bitcoin-aligned capital raise was absorbed without friction, at favorable terms, and without a hint of reputational penalty from the market.
That shift says more about the environment than it does about GameStop. The stigma once attached to corporate bitcoin strategies is gone. In its place is a clear premium—one that accrues to companies with the mandate, the story, and the financial flexibility to rotate into BTC. And as capital continues to reprice around monetary debasement, market participants are rewarding those willing to lead.
For other public companies watching this unfold, the takeaway is simple: the capital is there. The market will support a bitcoin strategy, and in some cases, it may even demand it. If GameStop’s equity begins responding to BTC exposure the way Strategy’s did, this will become the new reference point rather than an isolated case.
Through raising $1.3 billion in just one day to accumulate bitcoin, GameStop hasn’t merely begun executing its treasury policy, it’s given every CFO on the sidelines a reason to revisit theirs.
This is no longer a thought experiment relegated to Friday-night X Spaces. The intent has been disclosed, and the capital raise to acquire bitcoin is underway:
GameStop’s market cap is currently ~$10 billion, with its cash and securities standing near $5 billion. With the board having removed all constraints on BTC purchases, it now has both the authorization and the resources to begin accumulating at scale.
And there’s precedent for just how big the impact can be. According to JPMorgan, Strategy alone accounted for 28% of total "crypto" inflows in 2024, $22 billion of $78 billion. GameStop, with a larger balance sheet than Strategy had in 2020 and a broader cultural footprint, could very well match or exceed that impact if it leans in.
This is all happening as monetary expectations are being reshaped in real time. The debasement trade—buying scarce assets to hedge fiat dilution—is no longer a niche allocation strategy. Spot bitcoin ETFs have already surpassed Satoshi in total holdings. Institutions are accumulating in size. Sovereigns are establishing reserves. The capital base around bitcoin is broadening by the week, and GameStop is simply riding that macro current.
And as they do, they’re turning what was once a meme stock into something else entirely: a bitcoin-powered balance sheet, a ravenous base of institutional and retail investors eager to get their hands on their debt and equity offerings, and a renewed growth outlook as a result of it.
Corporate treasuries that sit in USD or short-duration paper are starting to see that as a form of passive loss. As it turns out, the cost of holding a melting ice cube is wet hands and a warm drink. In that context, bitcoin isn’t just an alternative, it’s a defensive allocation.
GameStop’s decision may look bold to much of the market now, but it will soon look prudent. And the company has the cultural reach to carry this narrative further than most. GameStop is a household name in the United States. Their bitcoin investment policy announcement racked up over 2 million views on X in a single day. As they begin deploying capital—and the market begins pricing in exposure—the reflexivity will become self-fulfilling.
This sets the tone for the next wave of corporate adoption. No longer is this just about Strategy or a few tech-forward firms. From here, the baton passes to legacy retailers, manufacturers, industrials—any business facing margin compression and balance sheet decay. If bitcoin can extend their runway, or revive equity interest, it becomes an obvious next step.
Companies like GameStop are now acting with urgency. Every public company CFO has been put on notice. They'd better be watching closely.
Take it easy,
Joe Consorti
Theya is the simplest way to take full control of your bitcoin. With our flexible multi-sig vaults, you decide how to secure your keys.
Whether you prefer keeping all keys offline, shared custody with trusted contacts, or robust mobile vaults across multiple devices, it's always Your Keys, Your Bitcoin.