US video game company GameStop Corp disclosed the purchase of 4,710 units of Bitcoin worth about US$513 million according to a company filing dated May 28.
This marks the company's entry into the digital asset space, in line with the strategic investment approach previously used by MicroStrategy Inc.
Although GameStop did not specify the date of the purchase, the move comes as the company faces pressure to restructure its business model based on physical game sales that is increasingly eroded by the digital transition.
As of February 1, GameStop recorded a total of cash, cash equivalents and marketable securities of $4.78 billion.
Following the disclosure of the Bitcoin investment, GameStop shares jumped 4.4% in pre-market trading, reflecting positive investor sentiment towards the company's asset diversification measures.
