GameStop confirmed Wednesday it purchased 4,710 bitcoins for $512.6 million as part of a new crypto investment strategy, according to CNBC. The move marks the video game retailer’s first crypto buy amid Bitcoin’s recent rally, which saw the cryptocurrency hit record highs near $112,000. Shares of GameStop rose nearly 3% in premarket trading after the announcement. As of February 1, the company had $4.76 billion in cash reserves. The shift aligns with CEO Ryan Cohen’s turnaround strategy, which includes cutting costs and streamlining operations to return the company to profitability.
