The video game retailer—and popular meme stock—announced earlier this year it would add the cryptocurrency as a “treasury reserve asset.”

GameStop Corp. (NYSE:GME) announced on Wednesday that it has officially purchased 4,710 bitcoins, valued at over $512 million, marking the company’s first move into cryptocurrency. The purchase mirrors a strategy popularized by MicroStrategy and represents the video game retailer’s shift toward digital asset investment.

GameStop (NYSE:GME) is being closely watched as the company's pivot away from being a pure retailer to being an investment vehicle takes form. CEO Ryan Cohen was interviewed by BTC Inc. following the company's disclosure that it now holds Bitcoin (BTC-USD).

GameStop (NYSE: GME), the American gaming merchandise retailer, made a surprising move by acquiring 4,710 Bitcoin to add to its corporate balance sheet on May 28.

What Happened? Shares of video game retailer GameStop (NYSE:GME) fell 11.4% in the morning session after the company announced its first purchase of Bitcoin (4,710 Bitcoin) valued at more than $500m.

Nvidia is scheduled to report first-quarter earnings after the closing bell Wednesday, Tesla shares slip, and GameStop makes its first Bitcoin purchase.