Crypto
Key Points
- GameStop announced that its board approved an update to its investment policy to add a Bitcoin reserve.
- The company teased the idea last month.
GameStop announced in an official press release on March 25 that its board of directors had unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset.
GameStop is a video game retailer that reached the spotlight in 2021 during the meme stock frenzy.
GameStop Related Coins’ Prices Surged
Following yesterday’s announcement, some GameStop-related digital assets recorded surges between 5% and over 400%.
After a slight surge in its stock value, today, the GameStop stock is down by 0.2%, but during the past six months, it recorded a rise of almost 14%. YTD, GameStop is down by over 17%, and it’s priced at $25.4.
Bloomberg revealed that GameStop made the announcement while also reporting that the Q4 revenue declined 28% to $1.28 billion from last year. Hardware, software, and accessories sales declined, while collectible sales surged.
GameStop Hinted at a Bitcoin Reserve in February
Before making the public announcement yesterday, GameStop had previously hinted that it might add Bitcoin to its Treasury Reserve last month.
On February 8, the company’s CEO, Ryan Cohen, shared a photo of himself and Michael Saylor via X, suggesting the upcoming move.
He also shared a post addressing a potential proposal to adopt a Bitcoin strategy, following in the footsteps of the BTC-centric company Strategy₿, which began accumulating the digital asset in August 2020.
— Ryan Cohen (@ryancohen) February 8, 2025
GameStop has a struggling business, which reached the spotlight in 2021 when meme-stock traders piled into its shares amidst the retail-trading frenzy during the pandemic. Back then, short-seller stocks saw a short squeeze as retailers sent the stock prices up.
GameStop joined the list of multiple companies like Strategy₿, which began adding Bitcoin to their reserves.
Today, Bitcoin trades above $87,000, after hitting prices over $88,000 on March 25.
