US game retailer GameStop announced that it has increased its holdings of 4,710 Bitcoin (BTC). The company posted this news on X (original Twitter) on May 28. No further details were disclosed in the announcement.

Earlier in March, GameStop had officially included Bitcoin in its Treasury Reserve Asset as part of its capital allocation strategy.

It is worth noting that GameStop CEO Ryan Cohen had previously hinted at this shift. He had posted a photo with Strategy Executive Chairman Michael Saylor, who is one of the top believers in corporate embrace of Bitcoin.

As early as February, CNBC reported that GameStop was considering adding Bitcoin and other crypto assets to its balance sheet.

This is not GameStop's first foray into the crypto world. The company launched its own crypto wallet in 2022 in an attempt to catch the Web3 craze, but it was shut down a year later due to "regulatory uncertainty."

Despite this, GameStop is deeply rooted in player culture and has close ties with the "degen" (crazy speculative retail investors) group - this group of people once pushed its stock price to the sky during the meme stock trend in 2021. As a result, GameStop continues to receive high attention from the crypto community.

This wave of operations by GameStop puts it on the same front as other institutions that incorporate crypto assets into financial strategies.

Not long ago, after successfully completing a bond fundraising of 63.3 million euros, French crypto holding company Blockchain Group announced that it would spend an additional $72 million to buy Bitcoin to expand its aggressive treasury strategy.

On May 20, Blackstone, the world's largest alternative asset management company, entered the crypto market for the first time and purchased shares of BlackRock's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), and officially entered the market.

According to documents submitted to the U.S. Securities and Exchange Commission (SEC), as of March 31, Blackstone held 23,094 shares of IBIT, with a market value of approximately $1.08 million.

Previously, Indonesian financial technology company DigiAsia Corp announced on May 19 that it planned to raise $100 million to allocate Bitcoin. As soon as the news came out, its Nasdaq-listed stocks soared by more than 91%, becoming a hot topic in the crypto circle.

Trump Media & Technology Group has also confirmed that it will raise $2.5 billion to enter the crypto asset market, further expanding the lineup of companies that emulate the MicroStrategy model.

MicroStrategy, which has now been renamed "Strategy", holds up to 580,000 BTC, with a market value of more than $100 billion, even exceeding the total value of its Bitcoin holdings.

As of now, there are 113 listed companies holding Bitcoin, a significant increase from the 89 companies holding Bitcoin in April, with a total holding of more than 800,000 BTC and a total market value of approximately US$88 billion.

Despite facing multiple challenges, GameStop showed a ray of hope in its latest quarterly financial report: the company's net profit in the fourth quarter doubled to US$131.3 million, an astonishing increase from US$63.1 million in the same period last year. The key behind this is the aggressive cost-cutting (Cost-Cut Meta).

In order to stop the bleeding, the company has closed 590 stores in the United States in fiscal year 2024 and plans to further reduce the layout of physical stores this year. However, overall revenue continued to decline, from US$1.79 billion last year to US$1.28 billion, reflecting the continued weakness of its traditional game retail business (Legacy Retail Biz), which is gradually being replaced by digital transformation and emerging asset strategies (such as Bitcoin vault configuration).