markets

Luke Kawa5/28/25

GameStop jumps on purchase of more than $500 million in bitcoin

GameStop is ostensibly a brick-and-mortar video game and collectibles retailer. Effectively, it’s a meme stock turned successful T-bill fund that, as of this morning, has officially diversified into bitcoin.

The company announced that it purchased 4,710 bitcoin, or at least $510 million worth, based on prevailing prices through May 28, joining the likes of Michael Saylor’s Strategy in holding crypto on its balance sheet.

GameStop’s move to adopt a bitcoin treasury strategy, seemingly the worst-kept secret in finance, was unveiled in tandem with its quarterly results on March 25, followed by a $1.3 billion to $1.5 billion offering of convertible senior notes to raise money for, among other things, purchasing crypto.

That offering was expected to close in early April. Bitcoin is up about 30% since then, but traders are rewarding GameStop in the premarket even after management missed out on that massive rally only to buy now: shares spiked as much as 7% in premarket trading on Wednesday before paring a chunk of that gain, on the heels of a 6% advance on Tuesday.

The stock is now trading at its highest level since last year’s meme mania spurred by the return of Keith Gill, aka Roaring Kitty, to the scene.

More Markets

See all Markets

historic harriet beecher stowe birthplace

Home prices in more affordable cities are rising, while America’s most expensive metros dip

The market’s rebalancing, as sellers delist at a record pace.

Claire Yubin Oh19m

markets

GE Vernova soars after lifting outlook and doubling dividends amid AI-powered electricity boom

GE Vernova is up more than 10% as of 6:05 a.m. ET, after the maker of power generation equipment raised its multi-year earnings forecast and boosted shareholder returns.

At Tuesday's investor day, the company said it now expects $52 billion in revenue and a 20% adjusted EBITDA margin by 2028, up from the $45 billion and 14% that it projected last December, as electricity demand surges on the back of the AI and data center boom.

CFO Ken Parks said momentum is being driven by a “large and growing backlog, with healthy margins from services and better equipment pricing.” GE Vernova expects its total backlog to grow from $135 billion today to ~$200 billion by 2028, including doubling its electrification backlog to $60 billion.

GameStop falls after Q3 revenues dip about 5% year on year

The video games and collectibles retailer just reported Q3 results.

GameStop signage

Tasha Matsumoto

Stocks waver ahead of tomorrow’s interest rate decision

The S&P 500 struggled for direction, but small-caps were trading near all-time highs.

The small polar bear lady Antonia eats an ice cake with fruit and vegetable filling at the zoo in Gelsenkirchen, Germany, 20 December 2017.

Matt Phillips19h

The buy-the-dip bid from retail traders has been a massive market theme throughout 2025, and analysts at Jefferies have tried to quantify just how big of a footprint individual traders now have in US markets.

In a note published Tuesday, they wrote (emphasis added):

“Retail investors have become an increasingly relevant component of the US trading ecosystem, representing >20% of volume — and even higher among names <$5. Growth in accounts, assets, and activity is reflected in the growth of Robinhood, Interactive Brokers, Charles Schwab, etc. A burgeoning product suite, expanded trading hours, and increased investor education support continued growth. Retail interest is here to stay; institutional investors should adjust their strategies accordingly.”

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.

©2025 Sherwood Media, LLC