GameStop Joins Strategy and Buys Over $500 Million Worth of Bitcoin

Almost two months after completing a massive $1.5 billion convertible stock offering to raise funds for BTC purchases, GameStop has announced its first bitcoin purchase, worth approximately a third of the entire amount raised.

The company has now joined a growing number of entities that accumulate and store bitcoin as part of their strategic reserves.

The announcement went live minutes ago, and it reads that GameStop Corp has purchased 4,710 BTC, which, according to current prices, puts its value at over $500 million.

Interestingly, the official statement lacks any further information on when the purchase(s) was completed and at what average price. This is in stark contrast to what Strategy does, as the Saylor-led company consistently mentions the average price at which it has made its numerous bitcoin purchases.

The last one was announced on Monday, in which Strategy bought 4,020 BTC at an average price of $106,237 per bitcoin. As of now, the firm owns over 580,000 BTC, an actual fortune worth well over $60 billion at today’s prices.

GameStop, which has a rich history with the cryptocurrency space dating back years, first outlined plans to accumulate BTC for its treasury reserves in late March. By April 2, it had completed a $1.5 billion convertible note offering, which provided it with a healthy stash to enter the bitcoin ecosystem and join the likes of Strategy, Metaplanet, and many others.