GameStop hints at future Bitcoin purchases following board approval

GameStop Corporation (GME), the video crippled retailer turned memecoin stock, is reportedly moving to put successful Bitcoin aft its committee unanimously approved a program to get integer assets. 

According to a March 25 CNBC report, the institution announced that it would usage a information of its firm currency oregon aboriginal indebtedness issuances to put successful Bitcoin (BTC) and US-dollar-pegged stablecoins. 

The program was further corroborated by the company’s fourth-quarter net report, which was released connected March 25 and showed intent to get Bitcoin and stablecoins. 

“[T]he Company’s concern argumentation permits investments successful definite cryptocurrency assets, including Bitcoin and US dollar-denominated unchangeable coins,” the fiscal connection read.

GameStop’s currency reserves stood astatine much than $4.77 cardinal arsenic of Feb. 1, compared to conscionable $921.7 cardinal 1 twelvemonth earlier. 

The video crippled retailer posted $1.283 cardinal successful nett income during the 4th fourth and $3.823 cardinal for fiscal 2024.

GameStop’s quarterly fiscal statements. Source: GameStop

Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan exec

Following the Strategy playbook

GameStop broke from normal during the pandemic erstwhile it became the halfway of a meme banal frenzy that turned the company’s fortunes around. Since then, the video crippled retailer has shown signs of improvement, with a instrumentality to profitability successful fiscal 2023. 

Rumors astir GameStop’s involvement successful Bitcoin began to circulate successful February, triggering a emergence successful GME stock.

Earlier successful the month, GameStop’s CEO, Ryan Cohen, posted an uncaptioned photograph connected societal media alongside Strategy enforcement president and Bitcoin mega bull Michael Saylor, which further stoked anticipation of an impending BTC purchase.

Source: Ryan Cohen

Now, much than 1 period later, GameStop appears poised to instrumentality a leafage retired of Strategy’s playbook by adding Bitcoin to its equilibrium sheet.

Earlier this week, Saylor announced that Strategy had acquired an further 6,911 Bitcoin, bringing its full stockpile to 506,137 BTC. The institution present holds astir 2.4% of Bitcoin’s full supply. 

Related: Strategy announces 10% preferred banal offering to bargain much Bitcoin