GameStop had accumulated a $4.76 billion cash pile as of February 1, as per the company's annual report released in April, reported CNBC.The company's entry into the crypto market is the latest move by the company's CEO, Ryan Cohen, to bring back the struggling brick-and-mortar business, as per the CNBC report. Under Cohen's leadership, the firm has focused on reducing costs and has streamlined operations, with the aim of making the business profitable, according to CNBC.
The company bought 4,710 bitcoins, worth about $512.6 million, as per a CNBC report.

Yes, this is their first official investment in Bitcoin, as per the CNBC report.