GameStop shares rise as retailer meme stock buys first bitcoin batch, scooping up $500 million

From cnbc.com

GameStop said Wednesday it has officially bought 4,710 bitcoins, worth more than half a billion dollars, as the video game retailer began its crypto purchasing plan in a similar move made famous by MicroStrategy. The purchase, its first investment in bitcoin, was worth $512.6 million with bitcoin’s price of $108,837 Wednesday. The world’s largest cryptocurrency has been on a tear lately, hitting a record high near $112,000 last week, as easing trade tensions and the Moody’s downgrade of U.S. sovereign debt highlighted alternative stores of value like bitcoin. Shares of GameStop rose nearly 3% in premarket ... (full story)