GameStop Acquires 4,710 Bitcoin in its First-Ever BTC Purchase, Stock Surges Pre-market

GameStop announced Wednesday that it had acquired 4,710 Bitcoin in its first-ever crypto purchase, officially joining a growing list of publicly traded companies embracing digital assets as part of their treasury strategy. The announcement was made on the company’s official X page. Bitcoin saw a modest uptick following the announcement.

As of press time, the crypto asset was trading at around $108,800, valuing GameStop’s holdings at roughly $512 million. The company did not disclose the average purchase price of its Bitcoin stash in its May 28 filing with the SEC. GameStop’s stock (GME) surged over 5% in pre-market trading today after the video game retailer confirmed its Bitcoin acquisition, according to Yahoo Finance data.

Earlier in April, GameStop raised $1.5 billion through a private offering of convertible notes, which it designated for Bitcoin purchases. According to a SEC filing, the offering consisted of zero-interest convertible senior notes due 2030, including the full exercise of the initial purchaser’s option to acquire an additional $200 million in notes.