May 28 (UPI) — Video game seller GameStop announced it has bought 4,710 bitcoins worth almost $513 million as part of its strategy to invest in cryptocurrency.

GameStop’s board of directors in March announced its intent to invest in bitcoin to create a reserve asset, CBS News reported.

Officials for the video games retailer did not say when it bought the bitcoins.

Grapevine, Texas-based GameStop’s board also announced it will raise $1.3 billion in debt to invest in bitcoin.

Bitcoin was selling for $107,746.54 during afternoon trading on Wednesday, which is down about 2.15% and changing rapidly.

Its investment in bitcoin will continue for several weeks, and GameStop shares fell about 10% to $31.50 during Wednesday trading, CoinDesk reported.

The company’s stock price declined by about 26% earlier in May after its board of directors announced they would sell 45 million Class A common shares to raise money for bitcoin purchases and other purposes.

GameStop also reported an expected net loss of between $27 million and $37 million during the year’s first quarter.

GameStop posted a $50.5 million net loss during the first quarter a year ago.

GameStop’s bitcoin investment announcement came after President Donald Trump‘s social media entity Trump Media and Technology Group announced it intends to invest $2.5 billion in the popular cryptocurrency.

CBS News also reported officials at software company MicroStrategy last week announced the company owns more than 580,000 bitcoins.

The cryptocurrency’s value has risen significantly sinceTrump took office, partly due to his administration’s support for such digital currencies.

Vice President JD Vance was scheduled to speak at the Las Vegas Bitcoin Conference on Wednesday.

The event claims to be the largest gathering of bitcoin owners in the world.

Trump was the event’s featured speaker last year.