American video game and consumer electronics retailer GameStop confirmed its first Bitcoin investment on May 28 through a statement released on its X account, purchasing 4,710 Bitcoins (BTC).

The company did not specify the amount paid for the Bitcoin (BTC) purchase, nor did it disclose the exact timing of the purchase. As of the time of writing, the purchased Bitcoin is valued at approximately $513 million.

This is GameStop's first publicly acknowledged Bitcoin purchase since it disclosed plans to shift towards Bitcoin investment in March.

At that time, GameStop stated it would fund the Bitcoin purchase through debt financing and launched a $1.3 billion convertible note offering.

For months prior to this announcement, there had been rumors that GameStop was exploring alternative assets, including cryptocurrencies.

Driven by these rumors, GameStop's (GME) stock price saw an increase, soaring 12% in March. Rumors in February also contributed to an 18% rise in GME's stock price.

According to TradingView data, GameStop's stock closed at $35 on May 27, and as of the time of writing, it was trading at $36.30 in pre-market trading. The stock price has risen approximately 30% over the past 30 days, with a year-to-date increase of about 10%.

Cointelegraph has reached out to GameStop for comments regarding its Bitcoin purchase, but no response has been received as of the time of writing.

Related: Jack Dorsey's Block to introduce Bitcoin (BTC) payments for Square by 2026

Original article: “GameStop officially confirms first purchase of 4,710 Bitcoins (BTC)”

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