GameStop Corporation (GME), the video game retailer turned memecoin stock, is reportedly moving to invest in Bitcoin after its board unanimously approved a plan to acquire digital assets.
According to a March 25 CNBC report, the company announced that it would use a portion of its corporate cash or future debt issuances to invest in Bitcoin (BTC) and US-dollar-pegged stablecoins.
The plan was further corroborated by the company’s fourth-quarter earnings report, which was released on March 25 and showed intent to acquire Bitcoin and stablecoins.
“[T]he Company’s investment policy permits investments in certain cryptocurrency assets, including Bitcoin and US dollar-denominated stable coins,” the financial statement read.
GameStop’s cash reserves stood at more than $4.77 billion as of Feb. 1, compared to just $921.7 million one year earlier.
The video game retailer posted $1.283 billion in net sales during the fourth quarter and $3.823 billion for fiscal 2024.
GameStop’s quarterly financial statements. Source: GameStop
Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan exec
This is a developing story, and further information will be added as it becomes available.
