GameStop's Board of Directors Approve New Investment Policy Allowing Company to Buy Bitcoin - They Currently Sit on $4.7 Billion in Cash...

GameStop used to be the ultimate meme-stock after the massive gains it made thanks to Reddits r/WallStreetBets.

But lately, its not making quite the same level of noise. While its still a name that sparks strong opinions, GME has drifted into the mid-$20 range for most of the past year, with only a short-lived stint in the $30s. 

On Tuesday after the bell, the company reported an earnings beat, posting 30 cents per share on $1.28 billion in revenue. For fans tracking its financial health, the real eye-opener might be GMEs free cash flow, which turned positive: $158.8 million this year compared with last years negative $18.7 million.

But the real big news...

GameStops board has unanimously approved a update to the companys investment policy: The company can hold Bitcoin. Yep, that means GME is clearing a path to hold BTC on its balance sheet. Sure, buying in a few years ago mightve been a jackpot move when Bitcoin was just a fraction of the price it is now? Still, better late than never, and hardcore Bitcoin maximalists will actually tell you that this is still early.

While we don't know how much they plan to buy, we do know they're sitting on about $4.7 billion in cash, which is a massive war chest for a company with an $11.35 billion market cap. The decision to diversify into Bitcoin signals that management is open to some of the new trends shaping modern finance.

By integrating Bitcoin into its treasury strategy, GME might attract a new wave of tech-savvy retail investors, the same crowd that invests in MicroStrategy, the company that owns more Bitcoin than any other business or person. That synergy between loyal shareholders and forward-thinking decisions could work in GameStops favor.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

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