The US-based gaming giant, GameStop has announced a purchase of 4,710 Bitcoin in a latest move. While the crypto market sentiment is heated with bullish momentum since the past week, the purchase from GameStop could further fuel investors’ confidence and potentially lead towards another significant price uptrends.
As per the official release, the gaming conglomerate has acquired 4,710 Bitcoin today, on May 28, while not disclosing any additional details. If the acquisition has been carried out at the current market price, the total purchase would cost the company approximately $513 million.
GameStop has been reportedly seeking to diversify its assets and it currently maintains a strong balance sheet with more cash than debt. This latest addition of 4,710 Bitcoin could mark a pivotal run for the company.
Following the announcement, the GME stock price spiked by 6.92% in pre-market trading session, currently trading at $36.52-up 4.31% since its past day’s closing.
The investment decision from the company comes amid a growing trend of businesses and institutions exploring Bitcoin and other digital currencies as a potential asset class.
GameStop has previously indicated its interest in Bitcoin and the whole crypto market and this acquisition magnifies that the firm will continue looking into the blockchain space as it keeps evolving and expanding rapidly.
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