- Bitcoin has risen to around $110,000, reaching a new all-time high.
- GameStop confirmed the purchase of 4,710 bitcoin valued at $511 million.
- The U.S. dollar’s recent decline has contributed to increased interest in bitcoin.
- Market speculation suggests more companies and possibly the U.S. government could invest in bitcoin.
- Elon Musk and key U.S. officials have discussed the potential for further large-scale bitcoin acquisitions.
GameStop has officially announced the purchase of 4,710 bitcoin, spending $511 million to add the cryptocurrency to its holdings. The move comes as bitcoin’s price reached approximately $110,000, up 50% from its April low, amid concerns about the U.S. dollar’s stability.
According to a recent announcement by GameStop, the company used part of the $1.5 billion it raised earlier this year in a private offering to make the acquisition. The company’s share price has surged about 70% since the fundraising plan was revealed.
Investors and market observers have speculated on GameStop’s plans following this purchase. Kip Herriage of Vertical Research Advisory said, “We applaud [GameStop chief executive] Ryan Cohen on this excellent move,” as quoted by CNBC. Herriage also encouraged the company to direct even more funds to bitcoin, suggesting an additional $1 billion beyond what has already been allocated.
The trend of corporate investment in bitcoin is gaining momentum. MicroStrategy, a U.S.-based software company, began purchasing bitcoin in 2020, leading to significant market value growth. The company, now simply called Strategy, has accumulated nearly 600,000 bitcoin worth over $60 billion by issuing debt and selling shares to fund the acquisitions.
During the Bitcoin 2025 conference, White House adviser David Sacks addressed whether the U.S. could buy more bitcoin. Sacks suggested the government might acquire the cryptocurrency if it could do so without raising taxes or national debt, referencing possible contributions from the Treasury or Commerce Department and existing executive permissions.
Further, Gadi Chait, head of investment at Xapo, noted ongoing support from the Trump administration for bitcoin. Chait stated in emailed remarks, “This extraordinary endorsement from the highest levels of government underscores just how mainstream bitcoin has become.” He referenced reports that the Trump media company plans to raise $2.5 billion for further cryptocurrency investments.
The Bitcoin Price surge has triggered more companies to consider following in the footsteps of early adopters, aiming to benefit from the asset’s recent momentum. The market continues to watch for potential large-scale bitcoin purchases by both private firms and government entities.
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