GameStop is returning to cryptocurrencies.
The video game retailer's board overwhelmingly authorized the inclusion of Bitcoin in its treasury reserves on Tuesday, joining a growing number of corporations positioning themselves for a digital future.
The investment in Bitcoin will be financed with current funds or future debt or equity transactions, according to the company.
In its recent quarterly report, GameStop did not specify the projected allocation amount.
The move follows President Donald Trump's unilateral order to create a strategic reserve of cryptocurrencies using government-owned digital assets, paving the way for Bitcoin in corporate financing.
GameStop views Bitcoin as a long-term investment after filing plans for a wallet.
According to CNBC, the corporation was exploring adding Bitcoin and other cryptocurrencies to its balance sheet in February.
GameStop has ventured into cryptocurrencies before. The firm introduced a cryptocurrency wallet in 2022 to capitalize on the Web3 wave, but it was shut down a year later due to "regulatory uncertainty."
GameStop has been widely observed by the curious cryptocurrency community due to its origins in gamer culture and its ties to the "degen" crowd, retail investors who sent its stock soaring during the 2021 meme stock craze.
The decision follows the long-term promotion of Bitcoin as a strategic asset by Strategy (formerly MicroStrategy). GameStop's choice to take a similar route implies a greater appetite for risk and relevance as it seeks to move beyond its wobbly retail sector.
GameStop doubles profits despite drops in revenue and store closures.
GameStop had a rare bright spot in its latest earnings report despite its troubles. Net income quadrupled to $131.3 million in the fourth quarter from $63.1 million a year earlier due to significant cost-cutting.
