GameStop has invested approximately $513 million in Bitcoin, purchasing 4,710 BTC after a $1.5 billion convertible notes offering.
The move is part of GameStop's strategic shift to include cryptocurrency in its financial strategy and diversify its balance sheet.
GameStop's interest in Bitcoin was sparked by CEO Ryan Cohen's photo with Michael Saylor, leading to the company adopting Bitcoin as a treasury reserve asset.
GameStop's Bitcoin investment follows a trend of companies diversifying their balance sheets with BTC, following the playbook popularized by Michael Saylor's Strategy.