GameStop Announces Bitcoin Acquisition for Treasury Holdings

GameStop Moves Into Bitcoin, Adding BTC to Its Balance Sheet

GameStop (GME) has officially embraced Bitcoin as part of its corporate treasury, becoming one of the latest publicly traded firms to adopt the cryptocurrency.

Revealed alongside its Q4 earnings report, GameStop’s board of directors unanimously approved the decision to hold Bitcoin as a reserve asset, signaling a shift in the company’s financial strategy.

Speculation about GameStop’s Bitcoin move had been brewing for weeks. In early February, CEO Ryan Cohen posted a cryptic photo of himself alongside MicroStrategy’s (MSTR) Executive Chairman Michael Saylor at a Mar-a-Lago event hosted by Donald Trump.

Shortly after, Strive Asset Management CEO Matt Cole sent Cohen a letter advocating for GameStop to allocate a portion of its nearly $5 billion cash reserves into Bitcoin. Strive, co-founded by Vivek Ramaswamy, is a GME shareholder through its ETF offerings.

“GameStop has a golden opportunity to redefine its financial trajectory by becoming the foremost Bitcoin treasury entity in the gaming sector,” Cole wrote.

Cohen responded with a simple but telling tweet: “Letter received.”

In response to the news, GME shares surged 5.7% in after-hours trading, while Bitcoin edged up 0.2% to $88,500.