GameStop Embraces Crypto: Bitcoin Added to Treasury Strategy
GameStop (GME), known for its position in the gaming industry, has recently made headlines by adopting a bitcoin treasury strategy. This move aligns the company with a growing number of publicly traded firms choosing to hold bitcoin as part of their financial strategy.
Along with its fourth-quarter earnings report, GameStop revealed that its board has unanimously decided to add bitcoin as a treasury reserve asset. This allows the company to hold digital assets on its balance sheet, signaling a shift in its treasury management and aligning with its evolving financial strategy.
GME Surges Over 5%
This announcement gained attention earlier in February when CEO Ryan Cohen posted a photo of himself with Michael Saylor, Executive Chairman of Strategy (MSTR), at Donald Trump’s Mar-a-Lago, sparking curiosity about the company’s future plans in the crypto space.
By the end of 2024, GameStop reported $5.355 billion in current assets but didn’t specify how much of this would be used for Bitcoin purchases. The news led to a 5.9% increase in GME shares during after-hours trading.
