Strategy, the largest corporate Bitcoin treasury holder with over $61 billion worth of Bitcoin, pioneered the model that GameStop is following. It has propelled Strategy's stock (MSTR) to new heights in recent months, and helped boost many other smaller firms that have adopted their own crypto strategies in recent months.

GameStop invested $512.6 million in bitcoin, with the price of bitcoin being $108,837. The world's largest cryptocurrency has recently risen strongly, reaching a near-record $112,000 last week. Easing trade tensions and Moody's downgrading of the US credit rating have further fueled investor interest in bitcoin,

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.