Core Viewpoint - GameStop has made a significant investment in bitcoin, purchasing 4,710 bitcoins for over $513 million, which has positively impacted its stock price amid a favorable market for cryptocurrencies [1][2]. Group 1: Investment Details - GameStop's board approved an update to its investment policy in March to include bitcoin as a "treasury reserve asset" [3]. - The purchase of 4,710 bitcoins was disclosed in a Securities and Exchange Commission filing, with the total value of the investment being approximately $513 million based on bitcoin's price of around $109,000 at the time of the announcement [2]. - The company's stock rose by more than 3% in premarket trading, reaching over $36 following the announcement of the bitcoin purchase [2]. Group 2: Market Context - Bitcoin has recently surged to new record highs, with its price reaching above $110,600 on May 21 and nearing $112,000 shortly thereafter [3]. - Despite a slight decline of 0.5% in bitcoin's price on the day of the announcement, the cryptocurrency has maintained a strong performance in recent weeks as regulatory concerns have eased [3].