GameStop Adds Bitcoin to Reserves
GameStop, the video game retailer, announced it will hold Bitcoin as part of its treasury reserves, following a unanimous board approval. This decision, disclosed alongside the company's fourth-quarter 2024 earnings, marks a significant shift in GameStop's investment policy and treasury management.
GameStop's Bitcoin Strategy
GameStop officially updated its investment policy to include Bitcoin. As of the end of 2024, the company reported $5.355 billion in current assets, although the amount allocated to Bitcoin wasn't disclosed. The announcement spurred a 5.9% rise in GME shares during after-hours trading.
This move aligns GameStop with other publicly traded companies adopting Bitcoin strategies, such as MicroStrategy and Tesla, demonstrating a broader trend of diversifying treasury assets beyond traditional fiat currencies. While GameStop didn't provide a timeline for Bitcoin purchases or the total planned allocation, the update reflects a significant shift in corporate financial strategies.
CEO's Early Signals
Prior to the official announcement, GameStop CEO Ryan Cohen hinted at the company's interest in Bitcoin. A February 2025 photo with MicroStrategy Executive Chairman Michael Saylor at Mar-a-Lago fueled speculation. This was followed by a letter from Matt Cole of Strive Asset Management urging Cohen to invest in Bitcoin, further contributing to public anticipation.
Other Companies Embracing Bitcoin
- MicroStrategy: Continues its aggressive Bitcoin accumulation, recently acquiring 6,911 BTC for $584 million, bringing its total holdings to over 506,137 BTC—more than 2% of Bitcoin's total supply.
- Worksport: A Tesla supplier, added Bitcoin (BTC) and XRP to its treasury reserves earlier this year, making a six-figure investment.
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