GameStop buys 4,710 bitcoin for corporate treasury: filing

Video game retailer GameStop said Wednesday it acquired 4,710 bitcoin, according to a Form 8-K filing with the U.S. Securities and Exchange Commission. The company did not disclose the total amount spent on the purchase.

With bitcoin trading around $109,080 on May 28, according to The Block’s price page, GameStop’s acquisition would be worth an estimated $513 million.

The bitcoin buy follows GameStop’s move to diversify its balance sheet. In March, the company’s board approved a policy to adopt bitcoin as a treasury reserve asset. The video game retailer raised $1.5 billion through convertible notes in April to fund the initiative.

GameStop now joins the ranks of public companies accumulating bitcoin for corporate reserves, including Strategy and Tokyo-listed Metaplanet. According to data from BitcoinTreasuries.net, more than 210 firms globally hold BTC, with Strategy leading the pack at over 576,000 coins.

GameStop’s stock (GME) rose 3% in U.S. pre-market trading after the disclosure, per Yahoo Finance.

Update