#GameStopBitcoinReserve

GameStop finally makes its bitcoin move, and investors seem fired up

Shares of GameStop Corp. rose more than 8% in extended trading Tuesday after the videogame retailer and original meme-stock company announced its eagerly anticipated foray into bitcoin.

In a short statement, GameStop

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said its board had unanimously approved an update to its investment policy to add bitcoin

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as a treasury-reserve asset. The move did not come completely out of the blue, as bitcoin buzz has swirled around GameStop and its chief executive, Ryan Cohen, in recent weeks.

In a Form 10-K filing, GameStop said that with the addition of the new treasury-reserve asset, a portion of the company’s cash or future debt and equity issuances may be invested in bitcoin. “We have not set a maximum amount of bitcoin we may accumulate, and may sell any bitcoin we may acquire,” it added.