GameStop Adopts Bitcoin as Treasury Reserve Asset, Boosting Stock Price

The video game retailer's board unanimously approved the move, reflecting CEO Ryan Cohen's strategy to revitalize the company.

GameStop's board updated its investment policy to include Bitcoin and other cryptocurrencies as permissible treasury reserve assets.
The company has not set a cap on the amount of Bitcoin it can hold or sell, leaving room for flexibility in its cryptocurrency strategy.
GameStop's stock surged over 12% in premarket trading following the announcement, signaling strong investor interest.
CEO Ryan Cohen hinted at the move in February with a photo alongside Strategy's Michael Saylor, whose company pioneered corporate Bitcoin investments.
The decision aligns with Cohen's broader strategy to redefine GameStop's identity, leveraging its $4.8 billion cash reserve despite declining sales.