GameStop Names Bitcoin Investment Strategy 'Project Rocket', Completing its Fundraising at a Cost-Effective Buying Timing as BTC Drops Below $80,000

GameStop Corp. (NYSE: GME), the retail giant that gained fame during the 2021 meme stock frenzy, has successfully raised $1.48 billion through a private offering of convertible bonds to fund its ambitious Bitcoin (BTC) investment strategy. The company’s initiative, named “Project Rocket,” reflects its bullish outlook on Bitcoin’s potential for rapid price growth, a sentiment often echoed by retail traders who liken cryptocurrency price surges to a rocket launch.

According to Bitcoin Magazine's report on April 5, GameStop plans to allocate the proceeds from the bond offering—netting $1.48 billion after fees—toward purchasing Bitcoin. The move comes after the company updated its investment policy on March 25, 2025, allowing Bitcoin to be held as a treasury reserve asset. This policy change, unanimously approved by its board, mirrors the strategy of MicroStrategy, the largest corporate Bitcoin holder, which now owns over 528,185 BTC.

GameStop’s timing for fundraising appears strategic. As of April 8, 2025, Bitcoin’s price has dropped to $79,000, representing a 6% decline over the past week, according to CoinMarketCap data. This dip, driven by global market adjustments stemming from President Trump's extreme tariff policies, provides GameStop an opportunity to acquire Bitcoin at a lower average cost compared to other corporate adopters. For context, MicroStrategy’s average purchase price stands at $67,458 per BTC, while two other companies pursuing similar Bitcoin investment strategies, Semler Scientific and Metaplanet, have paid $87,854 and $88,800 per BTC, respectively. If GameStop deploys the full $1.48 billion at current prices, it could acquire approximately 18,734 BTC, positioning itself among the largest corporate Bitcoin holders according to records from Bitcoin Treasuries.

As “Project Rocket” takes off, the market will closely watch how GameStop navigates the volatile crypto landscape. With Bitcoin’s price currently below its all-time high of $100,000, the retailer may view this dip as a timely buying opportunity. However, uncertainties loom for both GameStop’s core business and the broader cryptocurrency market, making this bold move a high-risk, high-reward endeavor.