GameStop to accumulate Bitcoin as board approves treasury strategy

Gametop Corporation enters Crypto with plans to invest in part of its cash reserve of several billion dollars in Bitcoin and Stablecoins.

After unanimous approval of his board of directors, Gamestop confirmed that he would allocate part of his business species, and potentially future debt emissions, to the acquisition of digital assets like Bitcoin, a CNBC on March 25 report claimed.

The strategy has been described in the report on the profits of the fourth quarter of Gamestop, which noted that the company’s updated investment policy now makes it possible to hold certain cryptocurrency assets. The report explicitly named Bitcoin and Stablecoins as part of its new Treasury approach.

“The company’s investment policy allows investments in certain cryptocurrency assets, including the stablescoins Bitcoin and US Dollar label, and if the company acquires bitcoin or stablecoins labeled in US dollars, the company will be exposed to certain risks associated with Bitcoin or Stablecoins, respectively.”

Results of GameStop Q4 and exercise 2024

Gamesop (GME) shares initially increased by more than 6% in exchanges after opening hours after the news broke out of its Bitcoin investment plan, but the rally lost steam, and the shares ended the day down 0.82% on March 25.

On February 1, the Gamescop cash battery amounted to more than $ 4.77 billion, according to its report on the results of the fourth quarter, giving the company a lot of financial room to explore exposure to cryptography.

Although Gamestop did not specify the amount of bitcoin it plans to buy, the move echoes a growing trend among Companies to use crypto as reserve assets.

The buzz around Gamestop Crypto ambitions had Already started earlier this yearWhen CEO Ryan Cohen published a cryptic photo with the president of Bitcoin strategy and lawyer Michael Saylor.

Although the position does not contain any information, the speculation that Gamesop could study something related to Bitcoin led to a 7% increase in the course of its action.

A few days later, the CEO of Strive Asset Management, Matt Cole, publicly urged Gamesop to adopt Bitcoin as a reserve asset. In a letter addressed to Cohen, Cole supported That this decision could reshape the financial future of the company and position it as a pioneer in the game industry.

“We believe that Gamesop has an incredible opportunity to transform its financial future by becoming the first Bitcoin cash company in the game sector,” he wrote on February 24.