GameStop, the US video game and consumer electronics retailer, has confirmed its first Bitcoin investment, acquiring 4,710 Bitcoin for $513 million, according to a statement posted May 28 on the company’s X account.

The announcement is GameStop’s first publicly acknowledged Bitcoin (BTC) purchase since the company disclosed plans to move into Bitcoin investment in March.

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

The news comes after months of speculation that GameStop was exploring alternative assets, including cryptocurrencies.

GameStop (GME) stock shares have climbed amid the speculation, jumping 12% in March. February rumors helped fuel an 18% spike in GME stock prices.

According to TradingView, GameStop shares closed at $35 on May 27 and were trading at $36.30 in the pre-market at the time of publication. The stock is up around 30% in the past 30 days, with year-to-date gains of about 10%.

This is a developing story, and further information will be added as it becomes available.

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