GameStop Makes $513M Bitcoin Investment
On May 28, 2025, GameStop Corp. (NYSE: GME) announced its first foray into cryptocurrency by purchasing 4,710 bitcoins, valued at approximately $513 million at the time. This move follows the company’s revised investment policy in March, allowing for alternative investments, including cryptocurrencies.
The acquisition was funded through a $1.3 billion convertible notes offering completed earlier this year. Despite the significant investment, GameStop’s stock experienced volatility, with a 10.9% drop on the announcement day, reflecting investor uncertainty.
This strategic shift aligns GameStop with other companies like Strategy (formerly MicroStrategy), which have incorporated Bitcoin into their treasury reserves.
James Wynn’s $100M Bitcoin Liquidation on Hyperliquid
In a dramatic turn of events, trader James Wynn, known for his aggressive leveraged positions on the Hyperliquid platform, faced massive losses as Bitcoin’s price dipped below $105,000. Wynn’s long positions, totaling approximately 949 BTC, were liquidated, resulting in losses nearing $100 million.
Despite the setback, Wynn reportedly re-entered the market shortly after, opening another 40x leveraged position on Bitcoin, aiming to recover his losses. His high-risk trading strategies have sparked discussions about market manipulation and the dangers of excessive leverage in cryptocurrency trading
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