GameStop has officially confirmed its first major Bitcoin purchase, acquiring 4,710 BTC in a surprise move that caught both investors and analysts off guard. The announcement, made via the company’s official X account on May 28, revealed that the purchase is part of its new strategy to explore alternative assets. While the company didn’t disclose the exact timing or price of the acquisition, the Bitcoin stash was worth around $513 million at the time of writing.

The investment comes just months after GameStop first hinted at entering the Bitcoin space. In March, the company launched a $1.3 billion convertible notes offering, signaling that the funds would help finance a shift toward crypto investments. Despite initial skepticism, speculation about GameStop’s crypto play helped push GME shares up 18% in February and another 12% in March.

GameStop’s stock closed at $35 on May 27 and rose to $36.30 in pre-market trading, according to TradingView. Over the past month, GME stock has gained 30%, with year-to-date growth now sitting at roughly 10%.

The move places GameStop among a growing list of publicly traded firms pivoting to Bitcoin, following the path blazed by MicroStrategy in 2020. Other recent adopters include Japan’s Metaplanet and Brazil’s Meliuz, both of which have embraced Bitcoin treasury strategies to diversify and strengthen their balance sheets.

Adding to the crypto frenzy, Trump Media and Technology Group also confirmed a $2.5 billion raise aimed at purchasing Bitcoin. With institutional interest accelerating, GameStop’s high-profile leap into digital assets could mark a pivotal moment in Bitcoin’s mainstream adoption.