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GameStop announced its first Bitcoin investment, purchasing 4,710 Bitcoin. This is GameStop’s first publicly announced Bitcoin purchase since the company announced plans to invest in Bitcoin in March, and the purchase was valued at approximately $513 million.

 

GameStop announced it would use debt financing for the Bitcoin purchase and started issuing $1.33 billion in convertible notes. The announcement follows months of conjecture that GameStop was looking into other assets, such as cryptocurrency. As a result of the speculation, GameStop’s (GME) stock has increased, rising 12% in March. GME stock prices increased by 18 percent as a result of February rumors.

GameStop’s choice to purchase Bitcoin comes with the increasing number of conventional businesses looking into digital currencies as a possible asset class.

This acquisition marks a significant step in its linkage with blockchain technologies, reflecting its prior interest in the digital and cryptocurrency sectors.

The stock is presently trading above its fair value. Subscribers can access 12 more exclusive analyses.

The announcement of GameStop’s Bitcoin acquisition comes after the company has taken several steps to refresh its image and adjust to emerging consumer preferences.

These initiatives include investigating new market prospects, enhancing the customer experience, and growing its e-commerce platform. Over the past week, the company’s stock has returned 24.81 percent, demonstrating strong momentum.