Hassan Maishera
TL;DR
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GameStop’s board has unanimously agreed to add Bitcoin to the company’s balance sheet.
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The company is following the footsteps of Strategy and other publicly listed companies by adding BTC to its reserves.
GameStop to Add BTC to its Balance Sheet
Gaming and entertainment retail giant GameStop is set to add Bitcoin to its balance sheet, joining the ranks of a quickly growing roster of publicly traded companies adopting a Bitcoin treasury strategy.
The company revealed this latest development during its fourth quarter earnings report, adding that its board unanimously approved adding Bitcoin as a treasury reserve asset.
This latest development comes a month after GameStop CEO Ryan Cohen posted a picture of himself and Strategy (MSTR) Executive Chairman Michael Saylor at Donald Trump's Mar-a-Lago.
A few days later, Strive Asset Management CEO Matt Cole sent a letter to Cohen urging GameStop to use at least part of its nearly $5 billion of cash on hand to purchase Bitcoin. GameStop’s stock price is up 8% since the announcement.
