GameStop YOLOs $513M into Bitcoin

Oh my god. What year is this? I haven’t felt a rush like this since 2021. GameStop (GME), the company best known for giving you $2.14 and a sideways look for your entire Xbox collection, just took its meme stock status to the next level by yeeting $512.6 million into 4,710 Bitcoins, sending GME’s stock 2daMOON (up 3%)!!!

Yes, you read that right. GameStop, the mall relic you forgot existed until some guy named Roaring Kitty made it the most important stock in America in 2021, is now apparently a cryptocurrency titan. According to a press release written entirely in stonks memes and GIFs of rocket ships, the company has “diversified its treasury strategy” to include 4,710 Bitcoin.

Or in plain English: they just went full crypto degen.

From Game Cases to Digital Coins: The Glow-Up No One Asked For

Following a minor internet event you may remember as THE ENTIRE MEME STOCK APOCALYPSE OF 2021, the company has been on a soul-searching journey.

“We asked ourselves, ‘What do we actually do?’” said CEO Chad Diamondhands. “The answer was clear: We are a vibe. A movement. A cult with a logo.”

And as with any modern cult, the next logical step was obviously dumping half a billion dollars into a volatile asset. Moreover, these assets can sometimes gain or lose 10% just because a tech billionaire tweets a meme of a dog farting on the moon.

Insiders and outsiders alike report the decision-making process looked like this:

1. First, Roaring Kitty posted a cat meme.
   
2. Next, someone in accounting replied “LFG 🚀.”
   
3. Then, the finance department flipped a Dogecoin.
   
4. Then, a corporate vote was held in the form of a Fortnite dance-off.
   
5. And finally, $513 million was wired to Coinbase.

Wall Street Reacts: “Wait, They Have That Much Cash?”

Meanwhile, analysts on CNBC tried their best to remain calm, and Jim Cramer announced, “Gamestop causes Bitcoin to pump!”

“This is either a genius move or a live demonstration of financial schizophrenia,” said hedge fund manager Rich McCondescenderson, while sweating visibly on-air. “We were hoping they’d maybe invest in cloud gaming or retail innovation. Instead, they YOLO’d into Bitcoin like it’s 2021 and Dogecoin still matters.”

Meanwhile, over on Reddit, r/wallstreetbets exploded with celebration:

“GME just became the Federal Reserve of meme coins.”
– u/DeepStonkThot69

“This is peak capitalism. I am so proud.”
– u/ElonMuskette420

In Case You Forgot: GameStop Is Still A Game Store

Once again, let’s take a moment to remember: this company sells used video games. Or rather, sold, before they followed in Michael Saylor’s micro-footsteps and pivoted to meme stock status, launching NFTs, and now throwing real-life millions into imaginary internet money.

So now GameStop says it plans to sell the Bitcoin in-store on scratched DVDs for $4 a piece. Will this move make GameStop rich beyond its wildest dreams, or bankrupt it faster than you can say “Mt. Gox”? Either way, we’re all buckled in for the ride.

GameStop’s new slogan, revealed besides the announcement, captures it best:

“Don’t just play games. Play GME.”

Disclosure: The author owns 0.0000003 BTC and one very sad GameStop receipt from 2012. This is not financial advice. This is performance art.

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