GameStop to add Bitcoin to treasury following unanimous board approval

GameStop has updated its firm concern argumentation to see Bitcoin (BTC) arsenic a treasury reserve asset, the company announced on March 25.

The determination was unanimously approved by the firm’s committee of directors.

GameStop did not disclose the size oregon timing of immoderate archetypal allocation but confirmed that Bitcoin volition present beryllium considered a constituent of its treasury strategy. 

The firm’s shares jumped implicit 7% successful the after-market pursuing the announcement. Meanwhile, Bitcoin concisely breached $88,500 aft GameStop released the news.

Furthermore, GameStop shared connected its 4th fourth net study that its integer plus strategy also includes vulnerability to stablecoins. The study besides shared that the steadfast holds implicit $4.5 cardinal successful cash, currency equivalents, and marketable securities.

The determination comes amid increasing involvement among publically traded companies successful holding Bitcoin connected their equilibrium sheets arsenic a semipermanent store of value, with astir 665,000 BTC successful their vaults.

Flirting with Bitcoin

The determination follows a bid of developments that hinted astatine the company’s imaginable pivot toward integer assets. 

In aboriginal February, GameStop Chairman and CEO Ryan Cohen posted a photograph with Strategy’s Michael Saylor astatine President Donald Trump’s Mar-a-Lago estate. 

Shortly aft Cohen’s nationalist quality with Saylor, Strive Asset Management CEO Matt Cole sent an unfastened missive to GameStop urging the institution to allocate immoderate of its currency reserves to Bitcoin. 

Cole argued that GameStop could differentiate itself successful the gaming and retail sectors by adopting a Bitcoin-forward treasury strategy, calling it “an unthinkable accidental to alteration its fiscal future.” 

Cohen publically acknowledged the letter, saying “Letter received” connected an X post. However, GameStop made nary authoritative connection earlier formally revealing its Bitcoin strategy, which places the institution alongside different companies specified arsenic Strategy, Tesla, and Block. 

The station GameStop to adhd Bitcoin to treasury pursuing unanimous committee approval appeared archetypal connected CryptoSlate.