GameStop on Wednesday announced it has bought 4,710 bitcoin, worth over $500 million, as the video game retailer makes its first major foray into cryptocurrency.
GameStop’s stock price jumped 92 cents, or 2.6%, to $35.97 before the start of trade Wednesday. The shares, dubbed a “meme stock” in recent years as retail investors piled into the company despite its lack of profits, has surged more than 84% over the last 12 months.
—This is a developing story and will be updated.