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GameStop just made it crypto official. The gaming retailer confirmed it bought 4,710 Bitcoin. That’s about $513 million worth at today’s price.
They dropped the news on May 28 via a short post on their X (formerly Twitter) account. No word on when they made the purchase or the exact price per coin.
A Bold First Crypto Move
This is GameStop’s first public Bitcoin buy. Back in March, they said they were eyeing “alternative investments.” Turns out, they weren’t bluffing.
They even planned ahead. The company raised $1.3 billion with convertible notes — basically, a fancy way to borrow money that might later turn into shares.*
*Convertible notes: A loan that can be swapped for company stock later.
Stock Rises with the Hype
GME stock has been bouncing like Mario on mushrooms. It jumped 12% in March when people first started whispering about a possible Bitcoin play. In February, it spiked 18% thanks to similar rumors.
As of May 27, GameStop stock closed at $35. It hit $36.30 in pre-market trading the next day. That’s a 30% jump over the past month — and up 10% for the year.
Cointelegraph reached out to GameStop for comments. So far? Radio silence.
