Strategy, the largest corporate Bitcoin treasury holder with over $61 billion worth of Bitcoin, pioneered the model that GameStop is following. It has propelled Strategy's stock (MSTR) to new heights in recent months, and helped boost many other smaller firms that have adopted their own crypto strategies in recent months.

GameStop (GME) shares dropped nearly another 6% on Thursday as investors continued to sell the news of the company's disclosure of its initial bitcoin acquisitons.

GameStop’s purchase of 4,710 bitcoin marks its first cryptocurrency purchase since the videogame retailer announced earlier this year that it would make bitcoin a treasury-reserve asset.