GameStop Moves Into Bitcoin, Adds BTC to Balance Sheet
GameStop (GME) has officially embraced Bitcoin, announcing that its board has unanimously approved holding BTC as a treasury reserve asset. The decision was revealed alongside the company’s fourth-quarter earnings report, signaling a major step into the digital asset space.
Speculation around a potential Bitcoin purchase had been swirling for weeks, especially after CEO Ryan Cohen posted a photo of himself with MicroStrategy Chairman Michael Saylor at a Mar-a-Lago event.
Adding to the pressure, Strive Asset Management CEO Matt Cole sent a letter to Cohen, encouraging GameStop to use some of its nearly $5 billion cash reserves to buy Bitcoin. Strive, co-founded by Vivek Ramaswamy, holds GME shares through its ETFs.
“GameStop is in a prime position to redefine its financial strategy and become a leader in Bitcoin treasury management within the gaming industry,” Cole wrote.
Cohen’s response— a cryptic tweet saying “Letter received”—only fueled speculation, which has now been confirmed with the company’s latest move.
Following the news, GME shares climbed 5.7% in after-hours trading, while Bitcoin saw a slight boost, rising 0.2% to $88,500.
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