GameStop recently made a significant entry into the Bitcoin market by purchasing 4,710 Bitcoins, amounting to around $500 million.
This purchase positions GameStop as one of the top corporate Bitcoin holders globally and the 11th largest among publicly traded companies.
The company raised $1.3 billion earlier this year through a convertible bond offering, providing the funds for strategic investments like this Bitcoin acquisition.
GameStop's move towards Bitcoin comes as part of its transformation from a struggling game retailer to a more diversified business model focusing on e-commerce, digital sales, and blockchain technology.