GameStop acquires 4,710 Bitcoin in its first-ever BTC purchase, stock surges pre-market

Key Takeaways

• GameStop acquired 4,710 Bitcoin in a strategic shift to include crypto in its financial strategy.
• The company raised $1.5 billion through convertible notes for this Bitcoin purchase.

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.

This is a developing story.