GameStop Approves Bitcoin as Treasury Reserve Asset

GameStop has officially approved the addition of Bitcoin as a treasury reserve asset, marking a significant shift in its investment strategy. This decision comes as the company reported a fourth-quarter net income of $131.3 million, a notable increase from the previous year's $63.1 million, despite a decline in overall sales. GameStop's new policy allows it to hold Bitcoin and stablecoins, positioning it alongside other corporations that have adopted similar strategies to hedge against inflation. The company ended the fiscal year with a substantial cash reserve of $4.78 billion, which could now be allocated toward cryptocurrency investments. This move towards digital assets reflects GameStop's efforts to innovate amid changing market conditions and may influence its stock performance moving forward. Following the announcement, GameStop's stock rose over 6% in after-hours trading.