GameStop to add Bitcoin to treasury following unanimous board approval
GameStop has updated its corporate investment policy to include Bitcoin (BTC) as a treasury reserve asset, the company announced on March 25.
The decision was unanimously approved by the firms board of directors.
GameStop did not disclose the size or timing of any initial allocation but confirmed that Bitcoin will now be considered a component of its treasury strategy.
The firms shares jumped over 7% in the after-market following the announcement. Meanwhile, Bitcoin briefly breached $88,500 after GameStop released the news.
Furthermore, GameStop shared on its fourth quarter earnings report that its digital asset strategy also includes exposure to stablecoins. The report also shared that the firm holds over $4.5 billion in cash, cash equivalents, and marketable securities.
The move comes amid growing interest among publicly traded companies in holding Bitcoin on their balance sheets as a long-term store of value, with nearly 665,000 BTC in their vaults.
Flirting with Bitcoin
The decision follows a series of developments that hinted at the companys potential pivot toward digital assets.
In early February, GameStop Chairman and CEO Ryan Cohen posted a photo with Strategys Michael Saylor at President Donald Trumps Mar-a-Lago estate.
Shortly after Cohens public appearance with Saylor, Strive Asset Management CEO Matt Cole sent an open letter to GameStop urging the company to allocate some of its cash reserves to Bitcoin.
Cole argued that GameStop could differentiate itself in the gaming and retail sectors by adopting a Bitcoin-forward treasury strategy, calling it an incredible opportunity to transform its financial future.
Cohen publicly acknowledged the letter, saying Letter received on an X post. However, GameStop made no official statement before formally revealing its Bitcoin strategy, which places the company alongside other companies such as Strategy, Tesla, and Block.
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Text source: CryptoSlate
