GameStop says it will invest in bitcoin, shares rise
GameStop announced that its board has approved a plan to buy Bitcoin with corporate cash, following a strategy made famous by MicroStrategy.
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Video game retailer GameStop plans to close more stores in the coming months and turn its attention to cryptocurrency as the company begins investing in Bitcoin.
How is Ohio affected? Here’s what we know.
Why is GameStop closing stores, buying Bitcoin?
In a regulatory SEC filing on Tuesday, the retailer did not reveal which stores it plans to cut, but a “significant number” of locations are set to close this year based on “current market conditions and individual store performance.” Currently, the company operates 3,203 stores worldwide, with 2,325 in the U.S.
GameStop also announced plans for an offering of $1.3 billion in 5-year convertible notes to purchase Bitcoin. “The Board approved the addition of Bitcoin as a Treasury reserve asset, whereby a portion of our cash or future debt and equity issuances may be invested in Bitcoin,” GameStop said in the filing. Following the announcement, company shares rose 11.6% but proceeded to dip more than 20% on Thursday.
How many GameStop locations are in Ohio, Kentucky?
Ohio has the fifth-highest number of GameStop stores in the U.S. with 139 locations, according to data provider LocationsCloud.
Cincinnati operates 11 GameStop stores, with surrounding locations in Milford, West Chester, Hamilton and Middletown. GameStop also operates stores near Cincinnati in Florence and Newport, Kentucky.
There are nine stores in Columbus, with additional stores in Lancaster, Hilliard, Dublin, Westerville, Powell, and Reynoldsburg.
In Akron, there’s one GameStop location, with other stores in Cleveland, Canton, Kent, Brunswick and Bedford.
GameStop closed more than 20 Ohio stores in January
The latest round of announced GameStop closures comes weeks after the chain shuttered 26 Ohio locations and another five in Kentucky earlier this year, according to Newsweek.
That round of January closures saw the chain shut down more than 400 stores in the U.S., nearly double the amount of locations it closed in 2024.
Where is a GameStop store near me?
To find a location near you, visit GameStop’s store locator.
What is Bitcoin? Why is it so popular?
Bitcoin is a type of digital currency that can be bought, sold, and mined. It acts as a form of payment that’s not governed by a single entity, according to Investopedia. It’s run on the Blockchain, a record-keeping system of computers that tracks crypto transactions and can be used at Bitcoin ATMs.
Bitcoin has a limited supply, and because it’s a decentralized system, it’s not issued by central banks or authorities, USA TODAY reports. While known for its price volatility, some investors have become rich by investing in the coin at the right time.
