GameStop’s announcement that it would invest in Bitcoin drove excitement across the crypto community. Within hours, the video game and electronics retailer experienced a significant hike in stock prices. However, Bitcoin’s price remained the same. 

In a conversation with BeInCrypto, representatives from Quantum Economics and CryptoQuant explained that Bitcoin’s price was bound to be indifferent to this type of announcement. GameStop lacks the size and scale to meaningfully impact the asset’s trading value, while overall hawkish market sentiment limited significant price movements. 

Understanding GameStop’s Bitcoin Move

On March 26, GameStop announced an update to its investment policy, revealing that it had added Bitcoin as a Treasury Reserve Asset. Mirroring MicroStrategy’s Bitcoin plan, GameStop gambled on crypto exposure to strengthen its financial position in 2025.

“GameStop adding Bitcoin to their balance sheet is a huge win for corporate adoption of the world’s leading cryptocurrency,” Mati Greenspan, Founder and CEO of Quantum Economics, told BeInCrypto in response.

The company’s stock prices jumped as high as 12% in a matter of hours before seeing corrections. Community members reacted favorably, including high-profile figures like Scottie Pippen, six-time NBA champion.

As Pippen’s tweet suggests, GameStop’s announcement parallels recent efforts by different institutional players to acquire Bitcoin holdings. However, unlike previous cases, the company’s initiative did not impact Bitcoin’s price performance.

Market Indifference Explained

A day before GameStop’s announcement, the price of Bitcoin peaked at $88,474. Yesterday, it fell to a high of $88,199. At the time of press, Bitcoin’s price rests at $86,691. In other words, Bitcoin’s trading value has remained unphased by GameStop’s acquisition.

On previous occasions, these announcements have pushed BTC’s price by significant percentage points, unleashing a wave of bullish sentiment in trading activity.

When Tesla, for example, announced in February 2021 that it had bought $1.5 billion worth of Bitcoin, the move briefly pushed up the cryptocurrency’s price by as much as 20%.

Other major players like Strategy (formerly MicroStrategy) and BlackRock and nation-states like El Salvador and Bhutan have also acquired massive amounts of Bitcoin. But in yesterday’s announcement, GameStop failed to mention how much BTC it was eyeing.

The firm did mention that it would be issuing $1.3 billion in 0% convertible senior notes to finance this acquisition. Yet, compared to the broader trend of publicly listed firms buying Bitcoin, this figure is rather underwhelming.

“The announcement lacked key details —most importantly, how much Bitcoin they’re actually buying. While they’re sitting on about $4.8 billion in cash, we’ve seen no indication of what portion, if any, will be allocated to BTC,” Greenspan told BeInCrypto. 

As a result, the market was left guessing. Without a clear figure, investors had no reason to react strongly. Instead, the statement served as a message of intent rather than a concrete market-moving event.

But even if GameStop had clarified just how much Bitcoin it was willing to buy, it still wouldn’t have made much of a difference in Bitcoin’s price. This is because of the underlying macroeconomic factors that have kept BTC below $90,000 for nearly a month now.

Why Didn’t GameStop’s Announcement Move Bitcoin’s Price?

According to its most recent quarterly report, GameStop has a nearly $4.8 billion cash balance. Per yesterday’s announcement, the company plans to raise $1.3 billion through a private offering of convertible senior notes.

It clarified, however, that the net proceeds from this offering will be used for “general corporate purposes,” which may include the acquisition of Bitcoin.

However, this remains to be seen. This vagueness creates a situation with much speculation but no concrete information.

For Greenspan, even if GameStop used its entire cash balance to purchase Bitcoin, BTC’s overall price would remain unchanged.

“To put things in perspective, Bitcoin’s on-chain volume alone averages around $14 billion per day — and that’s not even counting exchanges or ETFs. So even if GameStop went all-in, it still wouldn’t make a dent,” he said. 

Meanwhile, the announcement must also be considered in light of the larger sentiment surrounding the crypto market at the moment.

A Bearish Moment for Bitcoin

Market sentiment has been particularly cautious lately. Between Trump’s tariff announcements and rumors about a possible recession, Bitcoin’s price has remained stagnant.

“Overall market sentiment remains the least bullish since January 2023 as measured by CryptoQuant’s Bitcoin Bull Score Index. The index goes from 0 (least bullish) to 100 (most bullish), and it has been at 20 since late February,” Julio Moreno, Head of Research at CryptoQuant, told BeInCrypto. 

While major event announcements have driven Bitcoin prices up in the past, the wider market has been focused on other factors affecting trading behaviors. 

“Bitcoin spot demand growth remains in contraction territory, declining by 297K Bitcoin in the last 30 days, the largest contraction for such a period since December 2023. The market is more focused on the macro developments, given expectations of a slowing down economy and the uncertainty regarding Trump’s Administration tariffs and trade policy,” Moreno added. 

Given the greater pessimism dampening overall market sentiment, announcements of corporate purchases are unable to garner enough force to impact Bitcoin prices positively. 

Meanwhile, given how far institutional adoption of crypto has come, corporate announcements don’t have the same impact as they used to.

Has Corporate Adoption Become Old News?

There’s a case to be made that the general public has become desensitized to corporate Bitcoin treasury announcements. According to data from Bitcoin Treasuries, private companies worldwide hold 381,560 BTC worth over $33.2 billion, twice as large as public companies. 

“More pertinently, institutional adoption is so last cycle,” Greenspan said. 

Many more recent announcements that extend beyond the scope of BTC holdings in private companies have rocked the market, causing prices to surge. 

The market went berserk when spot Bitcoin ETFs began trading in January last year. For the first time, Bitcoin became available to a much wider pool of institutional investors who were previously hesitant to invest directly in the cryptocurrency.

This event led to a significant influx of capital into the Bitcoin market, driving up demand and prices.

Almost a year later, when Trump, a presidential candidate who promised to make the United States a cryptocurrency pioneer, won the elections, Bitcoin prices reached new highs.

Other, more recent events, like Trump’s announcement of a national strategic crypto reserve, had similar impacts on the market. 

According to Greenspan, events like this last one will create future spikes in BTC’s price. For him, the new adoption cycle will focus on Bitcoin acquisition by entire nations.

National BTC Reserves Set to be Newest Market Driver

While countries like the United States, China, and Ukraine currently hold stockpiles of Bitcoin mainly seized from law enforcement activities, more countries are deliberately purchasing additional Bitcoin for strategic purposes.

El Salvador, for example, has gradually increased purchases of Bitcoin. Today, it holds a little over 6,000 in holdings. Meanwhile, Bhutan’s Bitcoin stockpile has already surpassed the $1 billion mark.

Other jurisdictions, such as Brazil, Poland, Hong Kong, and Japan, have also had lawmakers consider adding Bitcoin to their fiscal reserves.

For Greenspan, these announcements will generate real change in BTC’s future trading activity.

“This bull run is mainly about nation-state adoption. Let’s face it: as fun and nostalgic as GameStop is, it simply can’t compete with the scale and significance of entire countries stepping into the Bitcoin arena,” he said. 

In the grand scheme of Bitcoin’s market, GameStop’s announcement, though notable, pales in comparison to the potential impact of large-scale events such as national policy changes or major economic shifts.