GameStop Board Unanimously Approves Inclusion of Bitcoin in Company’s Reserves

GameStop Approves Bitcoin as Reserve Asset

According to the quarterly financial report released by the American publicly listed company GameStop, the company’s board of directors has unanimously approved the decision to adopt Bitcoin as a financial reserve asset. It is reported that GameStop may utilize existing cash or raise capital through future debt or stock issuance to invest in Bitcoin, although the specific purchase quantity or allocation limit has not yet been disclosed.

Improvement in Financial Performance

GameStop’s Bitcoin strategy announcement comes at a time when the company’s financial performance has improved. As of the fourth quarter ending February 1, the company reported net sales of $1.28 billion, which fell short of FactSet analysts’ expectations of $1.48 billion. However, the adjusted earnings per share reached $0.29, surpassing the market expectation of $0.08 per share.

Following the release of the financial report, GameStop’s stock price rose by over 8% in after-hours trading. In contrast, Bitcoin’s price reacted mildly to the news, fluctuating below $88,000.