GameStop Embraces Bitcoin, Adds BTC to Treasury Reserves
GameStop (GME) has officially jumped into the Bitcoin space, revealing in its latest earnings report that its board of directors unanimously approved adding Bitcoin (BTC) to its balance sheet as a treasury reserve asset.
Hints of this move first surfaced in early February when CEO Ryan Cohen shared a photo of himself alongside MicroStrategy Executive Chairman Michael Saylor at a Mar-a-Lago event, sparking widespread speculation.
Shortly after, Strive Asset Management CEO Matt Cole sent an open letter urging GameStop to allocate part of its nearly $5 billion in cash reserves to Bitcoin. Strive, co-founded by Vivek Ramaswamy, holds GME shares through its exchange-traded funds (ETFs).
“We see a major opportunity for GameStop to reshape its financial future and become a leader in Bitcoin adoption within the gaming sector,” Cole stated in the letter.
Cohen added fuel to the rumors when he simply tweeted, “Letter received.” Now, with the decision made official, the move positions GameStop alongside other publicly traded firms adopting a Bitcoin treasury strategy.
Following the announcement, GME shares surged 5.7% in after-hours trading, while Bitcoin gained 0.2%, reaching $88,500.
