GameStop, the US-based video game and consumer electronics retailer, has officially confirmed its entry into Bitcoin investment, announcing the acquisition of 4,710 BTC.
The confirmation came via a statement posted on the company’s official X (formerly Twitter) account on May 28.
The company did not disclose the exact purchase date or the amount spent on the Bitcoin acquisition. However, at the time of writing, the purchase is valued at approximately $513 million, with Bitcoin trading at around $108,881.
This marks GameStop’s first publicly confirmed Bitcoin transaction following its March announcement about plans to explore alternative investments.
At the time, the company revealed it would fund the purchase using debt financing, launching a $1.3 billion convertible notes offering to support the move.
The confirmation puts to rest months of speculation about GameStop’s potential interest in cryptocurrencies.
Rumors circulating in February had already triggered an 18% spike in the company’s stock price, followed by a 12% surge in March amid ongoing chatter about crypto investments.
According to data from TradingView, GameStop’s (GME) stock closed at $35 on May 27 and was trading at $36.30 in the pre-market session at the time of publication.
Overall, the stock has gained roughly 30% over the past month, with year-to-date gains reaching about 10%.
Cointelegraph reached out to GameStop for further comment on the Bitcoin acquisition, but had not received a response by the time of publication.
(Cointelegraph)
ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
and then