GameStop Adopts Bitcoin, Stablecoins in Treasury Strategy

GameStop Corp has decided to include Bitcoin and stablecoins as part of its treasury reserve strategy, following unanimous board approval. This move aligns with a broader trend among public companies inspired by MicroStrategy's success in adopting Bitcoin as a hedge against inflation. GameStop's decision, announced alongside its Q4 earnings report, comes amidst its efforts to transform financially, with CEO Ryan Cohen previously hinting at this strategy through social media interactions with Bitcoin advocate Michael Saylor. The retailer holds over $4.7 billion in cash reserves, although specific allocations for Bitcoin purchases remain undisclosed. Following the announcement, GameStop's shares rose by over 6% in after-hours trading, despite the company reporting lower revenues for the quarter. The initiative reflects a significant shift in GameStop's financial strategy as it seeks to capitalize on the cryptocurrency surge.