GameStop announced the purchase of 4,710 bitcoins on Wednesday. The video game retailer said in March that it would start amassing crypto.

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 has purchased a significant amount of Bitcoin as a reserve investment, although this action has caused share price volatility.