WEBVTT

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- Video game retailer

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and Funko Pop Depository
GameStop has announced

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that it has purchased over 4,500 Bitcoin.

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It's estimated that the company
spent at least $500 million

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on the cryptocurrency transaction,

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and GameStop stock dropped
as a result of the news.

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On Wednesday, the retailer
announced in a brief one sentence

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press release that the company
had purchased 4,710 Bitcoin.

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It posted the news on social media

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and received thousands of replies

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and shares most people
reacting with confusion

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and bemusement.

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GameStop didn't disclose how
much it spent on Bitcoin,

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but some napkin math done
by investors.com estimates

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that it likely spent over half a billion

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dollars earlier this year.

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The slowly dying GameStop
mostly propped up at this point

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by its pandemic era Meme
Stock windfall announced

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that it was going to invest
$1.3 billion into cryptocurrency

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and announced this plan
as it closed more stores

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and further pivoted away
from selling video games.

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The company has, once again
accelerated store closures in an

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attempt to save its way to prosperity

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and its plans to enter
the trading card business

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and to invest in cryptocurrency
are striking in their lack

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of specificity, said Wedbush analysts,

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Michael Packer in March.

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At this point, it's starting
to look like the switch

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to might be the last console
launch GameStop is around for

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before it fully shifts
into a Bitcoin company

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that just happens to sell Funko pups

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and novelty t-shirts on the side.

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Thanks for watching,
and stick with Kotaku.