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 (BTC) or when the purchases were made. The amount purchased was worth around $513 million at the time of writing.
The announcement 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.
Source: GameStop
The news comes after months of speculation that GameStop was exploring alternative assets, including cryptocurrencies.
GameStop (GME) stock shares have climbed amid the speculation, jumping 12% in March. February rumors helped fuel an 18% spike in GME stock prices.
According to