GameStop Rallies After Buying $513 Million In Bitcoin
Shares of GameStop popped in early trading Wednesday, after the video game retailer and meme stock announced a $513 million purchase of bitcoin, which has surged to new record highs in recent weeks as regulatory concerns ease.
The video game retailer previously said it would add bitcoin as a "treasury reserve asset."
GameStop's stock rose by more than 3% in premarket trading to over $36, following an earlier announcement the retailer purchased 4,710 bitcoins valued at just over $513 million as of bitcoin's price of roughly $109,000 Wednesday morning.
GameStop said in March the retailer's board unanimously approved an update to its investment policy to add bitcoin as a 'treasury reserve asset.'
This is a developing story and will be updated.
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