GameStop has made good on a promise to buy bitcoin , announcing on Wednesday that it purchased 4,710 tokens .

At current prices, that's worth about $513 million. The purchase comes in a bullish stretch for bitcoin , with the apex token surging nearly 50% from an April low and claiming fresh all-time highs above $110,000 in the past week.

GameStop stock was down as much as 2% to $34.36 after initially shooting higher in premarket trading after the company announced its bitcoin buy. Bitcoin was trading at $109,035 Wednesday morning in New York.

The gaming retailer first outlined plans to buy crypto in March, funded through a $1.3 billion convertible bond sale.

Corporate investments in crypto are becoming increasingly common. Like other firms, GameStop has most likely taken inspiration from Strategy's playbook . The business software firm's stock has shot up 117% in a year as it continues to add to its stash of the crypto. The company owns more than 580,000 tokens worth $33 billion.

The buy-and-hold strategy is taking hold with more companies. Aside from GameStop, Trump Media & Technology Group announced plans to raise $2.5 billion for a bitcoin treasury on Tuesday. Others including Tesla, Acurx Pharmaceutical, and Riot Platforms have joined the trend.

In Japan, Metaplanet, a small company that previously focused on hotel management, recently pivoted to become a bitcoin holding company. The stock is up 275% this year.

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