Today in crypto, GameStop confirmed it has made its first Bitcoin investment, US Representative Bryan Steil told Cointelegraph he wants lawmakers to stop adding non-relevant clauses into crypto bills, and Trump Media confirmed a capital raise to buy Bitcoin after initially denying reports it was planning to do so.
GameStop officially confirms first Bitcoin purchase of 4,710 BTC
GameStop, the US video game and consumer electronics retailer, has confirmed its first Bitcoin investment, acquiring 4,710 Bitcoin, according to a statement posted May 28 on the company’s X account.
The company did not specify how much it paid for the Bitcoin or when the purchases were made in the announcement, while its Form 8-K filing with the US Securities and Exchange Commission also offers little detail. The amount purchased was worth around $513 million at the time of writing.
The announced acquisition is GameStop's first publicly acknowledged Bitcoin purchase since the company disclosed plans to move into Bitcoin investment in March.
At the time, GameStop said it would fund the Bitcoin purchase through debt financing and launched a $1.3 billion convertible notes offering.
The news comes after months of speculation that GameStop was exploring alternative assets, including cryptocurrencies.
Rep. Steil wants restraint on crypto bill additions
Republican Representative Bryan Steil told Cointelegraph on May 27 that he wants lawmakers to stop adding what he considers are non-relevant clauses into two key crypto bills, claiming that doing so is slowing the implementation of a regulatory framework for the industry.
“Individuals, when they see legislation that’s going to move forward, want to attach non-germane items to any bill that’s going to move through and be signed into law,” Steil, chair of the House Financial Services Subcommittee on crypto, told Cointelegraph at the Bitcoin 2025 conference in Las Vegas.
Stable Coin and Market Structure legislation will unlock the golden age of digital assets. pic.twitter.com/lSbX5p2Wqt
— Bryan Steil (@RepBryanSteil) May 27, 2025
“We have to restrain ourselves from that instinct and attempt by our colleagues — both sides of the aisle,” he added.
Crypto backers in Congress hope to pass stablecoin and market structure bills before a month-long August recess, which was hampered by Democrats who pulled support for the stablecoin bill earlier in May over concerns about President Donald Trump’s crypto ventures.
Steil argued the concerns related to Trump aren’t relevant to the bills, and the “text is focused on putting forward a regulatory framework in which we can enforce actions to strengthen this broader market.”
Trump Media Group reverses stance, confirms $2.5 billion Bitcoin capital raise
Trump Media and Technology Group (TMTG), the company that owns US President Donald Trump’s Truth Social platform and is partially owned by the president, confirmed a $2.5 billion capital raise to purchase Bitcoin after denying earlier reports of the deal.
According to a May 27 announcement from the company, the capital raise comprises a $1.5 billion stock sale and $1 billion in convertible senior secured bonds, with a 0% coupon. The sale is expected to close on May 29. TMTG CEO Devin Nunes said:
“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets. This investment will help defend our Company against harassment and discrimination by financial institutions."
TMTG spokespeople responded to the initial report from the Financial Times, published a day before the announcement, with derision.
“Apparently, the Financial Times has dumb writers listening to even dumber sources,” TMTG representatives told the FT on May 26.