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According to a filing with the SEC, GameStop has stated that the funds will be used for "general corporate purposes, including the acquisition of Bitcoin". 

GameStop follows Metaplanet and Strategy’s Bitcoin strategy with new plans

Despite a challenging start to the year for Bitcoin, with the cryptocurrency experiencing a 12% decline in Q1 2025—its worst quarterly performance in seven years—Tether has remained committed to its accumulation strategy.

Tether accumulates more Bitcoin as market dips – A strategic move?

The new product offers European investors a chance to gain direct exposure to Bitcoin through a regulated investment vehicle, making it easier and safer for both institutional and retail investors to enter the cryptocurrency market.

BlackRock’s launches first crypto ETP in Europe: A new era for Bitcoin investment