#GameStopBitcoinReserve GameStop Corp. has announced that its board of directors unanimously approved an update to the company's investment policy to include Bitcoin as a treasury reserve asset.
This strategic decision allows GameStop to allocate a portion of its cash reserves or future capital into Bitcoin, without specifying a maximum investment limit. The move aligns with actions taken by other corporations, such as Strategy (formerly MicroStrategy), which have integrated Bitcoin into their financial strategies.
The announcement coincided with GameStop's fourth-quarter financial results, revealing a net income of $131.3 million, up from $63.1 million the previous year, despite a decline in revenue to $1.28 billion from $1.79 billion. Following the news, GameStop's stock experienced an 8% increase in after-hours trading.
This initiative reflects GameStop's efforts to diversify its assets and explore new growth opportunities amid challenges in the traditional retail sector.