Nearly two months after completing a $1.5 billion convertible stock offering to raise funds for the purchase of Bitcoin, GameStop has finally announced its first purchase, representing nearly a third of the proceeds.
The company has now joined a growing list of entities holding Bitcoin as part of their strategic reserves.
According to an official announcement released just minutes ago, GameStop Corp. has purchased 4,710 BTC, which is worth more than $500 million at current prices.
However, the official statement did not specify when the purchase was made or at what average price. This is in contrast to the approach of Michael Saylor-led Strategy, which consistently discloses the average price of each Bitcoin purchase.
For example, Strategy’s latest purchase, announced on Monday, involved 4,020 BTC at an average price of $106,237 each. The firm now owns over 580,000 BTC, a fortune worth more than $60 billion at current prices.
GameStop, which has a long history in the crypto world over the past few years, first expressed its intention to collect BTC as part of its treasury reserves in late March. By April 2, it had completed a convertible note offering worth $1.5 billion in funds, which now paves the way for GameStop to join crypto giants like Strategy, Metaplanet, and more.
