GameStop’s purchase of 4,710 bitcoin marks its first cryptocurrency purchase since the videogame retailer announced earlier this year that it would make bitcoin a treasury-reserve asset.

Video game retail outlet and premier meme stock GameStop has announced it has purchased over $500 million worth of bitcoin as a treasury reserve asset. Before this announcement, the GameStop share price had risen to just over $35,

GameStop has taken its first major step into the world of cryptocurrency. On Wednesday, the video game retailer announced it purchased 4,710 bitcoins, spending more than $500 million. The move marks a new chapter for the company,