GameStop Buys Bitcoin but BTC Price Stays Flat

GameStop’s recent decision to add Bitcoin as a Treasury Reserve Asset sparked excitement, causing its stock price to rise by 12% in just hours, but Bitcoin’s price didn’t react. Experts say this lack of movement was expected. GameStop’s size and the vague nature of its announcement meant the crypto market barely noticed.

On March 26, 2025, GameStop revealed a change in its investment strategy to include Bitcoin. The move was seen by many as a nod to MicroStrategy’s well-known crypto strategy. Still, while investors briefly cheered by buying up GameStop shares, Bitcoin stayed flat. Before the news, BTC hit $88,474; afterward, it hovered around $86,691. No major price swing occurred.

Why? Analysts pointed to two main reasons: GameStop didn’t say how much Bitcoin it planned to buy, and the broader market remains cautious due to macroeconomic uncertainty. Without numbers, the statement felt more like an idea than a real market action.

Even if GameStop had gone all in with its $4.8 billion cash reserve, experts argue it still wouldn’t have moved the needle. Bitcoin’s on-chain volume alone hits $14 billion daily, not even counting trades on exchanges or ETFs. Compared to that, GameStop’s potential purchase is minor.

The company also plans to raise $1.3 billion through 0% convertible senior notes. It said the money might go toward Bitcoin, but didn’t confirm how much, if any, would actually be used. The lack of clarity gave traders little reason to react.

In contrast, previous corporate moves with detailed Bitcoin purchases caused price surges. When Tesla announced a $1.5 billion BTC buy in 2021, prices jumped nearly 20%. But times have changed. The market has grown and matured. Announcements like GameStop’s, once exciting, now seem ordinary.

Market sentiment is also low. Recent political developments, like Trump’s tariff proposals and fear of a recession, have kept Bitcoin’s price stuck below $90,000. Data shows spot demand for BTC dropped by 297,000 coins over the past month — the biggest dip since late 2023. This shows that traders are focused on larger economic signals rather than individual company moves.

Crypto adoption by private companies has grown significantly, with firms holding over 381,000 BTC — more than $33 billion worth. But many investors now see this as old news. “Institutional adoption is so last cycle,” one expert said. The spotlight has shifted.

What’s moving the market today are bigger events — like the approval of Bitcoin ETFs or government-level crypto strategies. When ETFs went live in January 2024, Bitcoin saw a huge wave of demand. When Trump won the presidential election promising to make America a crypto leader, BTC surged again.

Now, attention is turning to countries. Some, like El Salvador and Bhutan, have been actively buying Bitcoin for their national reserves. El Salvador holds over 6,000 BTC, while Bhutan has already passed the $1 billion mark in crypto holdings. Other nations, such as Brazil, Japan, and Poland, are also considering adding Bitcoin to their state assets.

This trend is expected to become the main driver of future Bitcoin rallies. While GameStop’s move is positive for mainstream adoption, it lacks the size and impact to truly shake the market. As one analyst put it, “GameStop is nostalgic, but it can’t compare to countries entering the Bitcoin space.”

In short, GameStop’s crypto announcement created buzz in stock circles, but failed to move Bitcoin. Today’s market reacts more to nation-level strategies than to company press releases — showing how far crypto has come and how much it’s still evolving.