GameStop on Wednesday [announced](https://news.gamestop.com/news-releases/news-details/2025/GameStop-Announces-Purchase-of-Bitcoin/default.aspx) it has bought 4,710 bitcoin, worth over $500 million as the video game retailer makes its first major foray into cryptocurrency.
GameStop's stock price jumped 92 cents, or 2.6%, to $35.97 before the start of trade Wednesday. The shares, dubbed a "meme stock" in recent years as retail investors piled into the company despite its lack of profits, has surged more than 84% over the last 12 months.
_—This is a developing story and will be updated._
[Megan Cerullo](https://www.cbsnews.com/team/megan-cerullo/)
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
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