GameStop (GME) has purchased $513 million U.S. worth of Bitcoin (BTC) as the struggling video game retailer moves to capitalize on the growing popularity of cryptocurrencies.
GameStop said in a regulatory filing that it bought 4,710 Bitcoin, although it did not disclose the date when the purchase was made.
Bitcoin is currently trading at $109,000 U.S., not far from its record high.
The acquisition marks GameStop's first Bitcoin purchase since announcing in March of this year that it planned to start investing in crypto.
The company is replicating the playbook of Michael Saylor's Strategy (MSTR), a software company turned serial Bitcoin acquirer whose stock is up 122% in the last 12 months.
GameStop is hoping that its push into crypto will give its share price a similar lift to Strategy's stock and attract investors who want exposure to digital assets.
The shift in focus comes as GameStop struggles to turn around its video game business, which is losing out as consumers purchase games via digital downloads.
Known as one of the original meme stocks, GameStop continues to have a strong following among retail investors, many of whom also invest in crypto.
The company said in its most recent earnings report that it had $4.78 billion U.S. of cash on hand at the start of February, money it plans to spend buying crypto.
The stock of GameStop has risen 14% this year to trade at $35.01 U.S. per share.
