GameStop closes more stores, turns its attention to Bitcoin

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.

Video game retailer GameStop plans to close more stores and begin investing in Bitcoin, according to a recent SEC filing.

The company did not disclose which stores would be closing, but a "significant number" of locations will shut down this year based on "current market conditions and individual store performance." Currently, GameSpot operates 3,203 stores globally, including 2,325 in the U.S.

As part of a broader restructuring effort, 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," the company said in the filing.

Following the announcement, company shares rose 11.6% but proceeded to dip more than 20% on Thursday.

See more: Bitcoin price today: BTC edges lower despite US inflation data

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 locations in Lancaster, Hilliard, Dublin, Westerville, Powell, and Reynoldsburg.

In Akron, there's one GameRStop location, with other stores in Cleveland, Canton, Kent, Brunswick and Bedford.

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 close 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.