GameStop Reveals a Big Buy in One-Sentence Press Release

Wednesday's big bitcoin headline belongs to GameStop, which bought about $510 million of the cryptocurrency. Per its one-sentence press release, it purchased 4,710 bitcoin; MarketWatch notes bitcoin's price is about $108,100, and was falling midday Wednesday. GameStop shares are trading down nearly 11% on the news as of this writing. The purchase wasn't an unexpected one: The company confirmed in late March that it intended to adopt bitcoin as a treasury asset. More:

• The model: CNBC sees GameStop as "following in the footsteps of software company MicroStrategy, now known as Strategy, which bought billions of dollars worth of bitcoin in recent years to become the largest corporate holder of the flagship cryptocurrency. That decision prompted a rapid, albeit volatile, rise for Strategy's stock."
• In good company: Quartz reports there are now 30 companies with Bitcoin reserves listed on the Nasdaq; they hold roughly 2% of bitcoin's total market cap.
• The hope: Per MarketWatch: "GameStop's move into bitcoin has been cited as a way for the company to gain some breathing room after a challenging few years marked by declining sales and intense competition from digital gaming and streaming."

(More GameStop stories.)