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 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.
GameStop stock jumped 18% on Bitcoin investment speculation
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 TradingView, GameStop shares closed at $35 on May 27 and were trading at $36.30 in the pre-market at the time of publication. The stock is up around 30% in the past 30 days, with year-to-date gains of about 10%.
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Cointelegraph contacted GameStop for comment regarding its Bitcoin purchase but did not receive a response by the time of publication.
Bitcoin’s corporate adoption booming
GameStop’s Bitcoin investment is the latest in a trend among companies purchasing the world’s largest cryptocurrency following the lead of Michael Saylor’s Strategy (formerly MicroStrategy), which made its first BTC acquisition in August 2020.
Companies such as Japan’s Metaplanet and Brazil’s Meliuz have beefed up their Bitcoin holdings this year after adopting Bitcoin treasury strategies as well.
On May 27, Trump Media and Technology Group, the company that owns US President Donald Trump’s Truth Social platform, confirmed a $2.5 billion capital raise to purchase Bitcoin after previously denying reports of the deal.
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