#GameStopBitcoinReserve GameStop recently announced plans to invest part of its cash reserves in Bitcoin, adding it as a treasury reserve asset. This decision was unanimously approved by the company's board of directors and followed a meeting between GameStop CEO Ryan Cohen and Michael Saylor from Strategy, known for its significant investments in Bitcoin.

As a result of this announcement, GameStop's shares rose by 8% during extended trading. The company reported a profit of $131.3 million in the fourth quarter, despite a decline in revenue to $1.28 billion from $1.79 billion in the previous year. GameStop continues to face challenges in its retail business due to the shift to digital downloads and e-commerce and plans to close additional stores in 2025.

Earlier, in February, Matt Cole, CEO of Strive Asset Management, sent a letter to Ryan Cohen urging GameStop to consider investing part of its cash reserves, which amount to about $5 billion, in Bitcoin. Cole argued that such investments could redefine the company's market position and serve as a hedge.