Is it possible to make Plex transcode on a GPU to handle 4K streams?

I know it would be best to direct play, but my family needs subtitle and that bitstream audio for the full experience and most of my friends watch in chrome. Watching multiple 1080p streams works fine, but 4K transcoding with my i7 4770k is not working very well haha. So I was planning on upgrading to a Ryzen 7 system later, but if if I can buy a decent GPU instead and transcode on that. Is this possible yet?