GameStop announced its plans to add Bitcoin as a reserve asset in its treasury, joining other companies like MicroStrategy and Tesla that hold the cryptocurrency on their balance sheets. This decision came after the company's board of directors unanimously approved the move, which is part of broader efforts to diversify GameStop's investments and increase its cash reserves. The CEO of GameStop, Ryan Cohen, has been exploring ways to invest the company's cash reserves, and Bitcoin is now part of this strategy. The company held approximately $4.8 billion in cash as of February 1, which it plans to use to purchase Bitcoin, although it may also utilize debt or equity raises in the future to fund Bitcoin purchases. This development has been well received by investors, as GameStop's shares rose by more than 6% in after-hours trading following the announcement. The company's decision to add Bitcoin to its treasury reserves is seen as a way to enhance its profitability and competitiveness in the gaming industry.