GameStop’s latest $450 million raise has done little to impress investors, despite growing speculation that the funds may be used to bolster the company’s Bitcoin holdings. The move follows the retailer’s ongoing effort to diversify its corporate treasury—but with its stock trading mostly sideways, analysts suggest that Bitcoin buys alone aren’t enough to sway market sentiment.

$450M Convertible Note May Fund Bitcoin or Acquisitions

On Monday, GameStop filed a disclosure with the U.S. Securities and Exchange Commission (SEC), revealing that an investor in its original $2.25 billion private convertible note offering had opted to purchase an additional $450 million worth of notes. According to the filing, the funds are intended for general corporate purposes, which could include investments or acquisitions.

While the company did not directly mention Bitcoin (BTC), speculation has intensified due to GameStop’s previous interest in building a digital asset treasury. At the current BTC price of around $108,000, the $450 million raise could, in theory, purchase over 4,100 BTC—nearly doubling GameStop’s existing reserve of 4,710 Bitcoin.

Stock Reaction Muted Despite Massive Capital Injection

Despite the sizeable capital boost, GameStop’s stock failed to rally. On Monday, following the SEC filing, shares opened at $23.03 and dropped to a daily low of $22.45, a 2.5% decrease. By Wednesday’s close, the price had modestly recovered to $23.55, up 1.8% over the five-day period. However, after-hours trading saw a small dip of 0.38%.

This lukewarm reaction is similar to what happened in May, when GameStop started a $500 million Bitcoin purchase—only for the stock to decline 11% shortly after.

Other Firms See Bigger Gains from Bitcoin Moves

Unlike GameStop, several other companies have seen their stock prices surge after announcing Bitcoin-related strategies. In March, Japanese investment firm Metaplanet gained 22% after unveiling its Bitcoin buy, while Indonesian fintech DigiAsia Corp skyrocketed 91%. France-based Blockchain Group saw an even more dramatic 225% surge after adding $68 million in BTC to its balance sheet.

These examples highlight that the impact of Bitcoin treasury moves can vary significantly, often depending on how they are executed and communicated.

Analyst: Strategy Is Key—Not Just Bitcoin Buys

Vincent Liu, Chief Investment Officer at Kronos Research, told Cointelegraph that simply buying Bitcoin is not enough to boost a company’s valuation. Liu emphasized the importance of a clear and long-term strategy when incorporating crypto assets into a corporate treasury.

“It’s not just buying Bitcoin. It’s how and why,” Liu said. “Clear strategy and strong execution build trust and attract liquidity, but if it’s just hype or a ‘sell the news’ event like GameStop, the impact will be muted.”

He added that a Bitcoin treasury move should include a plan to protect capital, manage risk, and align with broader business goals—especially in an environment where macroeconomic concerns like U.S. dollar debt levels are pushing firms to explore alternative stores of value.

GameStop’s Track Record in Crypto: Mixed at Best

This isn’t GameStop’s first attempt to enter the crypto world. In 2022, the company started a crypto wallet, giving users direct access to digital assets. However, the product was shut down in November 2023 amid growing regulatory uncertainty.

GameStop also started an NFT marketplace in 2022, hoping to capitalize on the growing interest in digital collectibles. That platform was discontinued in January 2024, again due to unclear U.S. crypto regulations.

These past attempts show that while GameStop is eager to explore blockchain and crypto ventures, it has struggled with long-term execution and regulatory hurdles—both of which could explain the lack of investor excitement around the company’s latest funding move.

Can GameStop Win Back Crypto Investors’ Trust?

GameStop’s decision to raise an additional $450 million could have been a market-moving event if backed by a clear crypto strategy, such as a defined percentage allocation to BTC or a multi-step plan for treasury diversification. Instead, the vague language around “general corporate purposes” has left analysts and traders skeptical.

Until GameStop offers transparency, consistency, and a roadmap, its crypto ventures may continue to be seen as speculative or short-term stunts. In contrast, firms with structured and well-communicated Bitcoin strategies—like MicroStrategy—have managed to position themselves as long-term believers in digital assets, earning investor confidence in the process.

Conclusion

GameStop’s $450 million raise adds to its financial war chest and may point to further Bitcoin purchases—but without a strategic framework or clear investor communication, the market remains unimpressed. As competitors see stock gains by executing disciplined crypto plans, GameStop’s challenge now lies not in what it buys, but in how it builds trust with its shareholders.