GameStop Stock News

Video game retailer GameStop has begun investing in bitcoin with a purchase of 4,710 bitcoin. It revealed the acquisition of the cryptocurrency on Wednesday.

As dubious as it may seem, GameStop's NYSE: GME shift to Bitcoin (CRYPTOCURRENCY: BTC) could pay off over time. Evidently, the gaming resale industry is dead money; investing in BTC provides a path forward, but it will be a long road to travel.

GameStop Corp (NYSE:GME) has jumped headfirst into crypto, revealing on Wednesday that it bought 4,710 Bitcoin — a stash worth roughly $513 million at current prices. The video game retailer didn't say when it made the purchase, what it paid, or whether the move happened all at once or in stages.

GameStop's purchase of 4,710 bitcoin marks its first cryptocurrency purchase since the videogame retailer announced earlier this year that it would make bitcoin a treasury-reserve asset.

GameStop announces first bitcoin acquisition following $1.3 billion funding round in March. GME stock surges.

This is a developing story and will be updated.

GameStop snaps up 4,710 digital tokens in its first step toward creating a Bitcoin treasury.

The purchase, GameStop's first investment in bitcoin, was worth $512.6 million with bitcoin's price of $108,837 Wednesday.