GameStop Adds Bitcoin to Its Treasury Reserves
GameStop (GME) has officially joined the growing list of publicly traded companies adopting Bitcoin as a treasury asset, following weeks of speculation fueled by CEO Ryan Cohen.
Announced alongside its fourth-quarter earnings report, GameStop’s board unanimously approved the decision to allocate part of its cash reserves to Bitcoin, reinforcing its commitment to digital assets.
Cohen had hinted at the move in early February when he posted a photo with MicroStrategy (MSTR) Executive Chairman Michael Saylor at Donald Trump’s Mar-a-Lago. Days later, Strive Asset Management CEO Matt Cole urged Cohen in a letter to consider allocating a portion of GameStop’s nearly $5 billion cash holdings to Bitcoin. Strive, co-founded by Vivek Ramaswamy, holds a stake in GME through its ETFs.
“We believe GameStop has an unprecedented opportunity to reshape its financial future by positioning itself as the leading Bitcoin treasury company in the gaming industry,” Cole wrote.
Cohen further fueled speculation by tweeting, “Letter received.”
Following the announcement, GME shares climbed 5.7% in after-hours trading, while Bitcoin saw a slight uptick, rising 0.2% to $88,500.
