GameStop Purchases Over $500M Worth of Bitcoin

Video game retailer GameStop (GME) has purchased 4,710 bitcoin, worth nearly $513 million at the time of writing.

GameStop announced the purchase on X on Wednesday but did not offer further details about when the BTC were acquired or the price paid.

The Grapevine, Texas-based company revealed its plans to pursue a bitcoin treasury strategy in March, offering $1.3 billion in debt to raise the funds for BTC acquisition.

The shares of GME rose more than 4% in U.S. pre-market trading on the news, while bitcoin price remained subdued around $108,000.