GameStop goes full crypto bro as board votes unanimously for Bitcoin investment

GameStop, the video game retailer famed for becoming a meme stock and causing chaos in the stock market during the COVID-19 pandemic, is back in the spotlight for a new pursuit: investing in Bitcoin. GameStop’s board has voted unanimously to add Bitcoin as a treasury reserve asset, investing the company’s corporate cash into the oldest and most popular digital currency. In a recent regulatory filing with the Securities and Exchange Commission (SEC), GameStop explained that in addition to cash, equity issuances and future debt may be invested in Bitcoin, with no set ceiling for the amount of Bitcoin accumulated. The company’s stock rose 15% and dropped back down on Wednesday following the announcement of GameStop’s investment policy. GameStop also revealed on Tuesday that its net income increased during its fourth quarter, rising to $131.3 million from the previous year’s $63.1 million. However, the retailer also projects more store closures in addition to the 590 locations it’s already closed, as brick-and-mortar retailers have continued to struggle. GameStop is not the first company betting on cryptocurrency. Software company Strategy, formerly known as MicroStrategy, has become the largest corporate holder of Bitcoin after large investments in recent years. GameStop’s decision comes as President Trump has embraced crypto, and after his administration announced the creation of a “Crypto Strategic Reserve” earlier this month. Still, despite the renewed interest in cryptocurrency, Bitcoin’s price fell 1.6% on Wednesday. “The Bitcoin markets have historically experienced significant volatility,” GameStop said in the regulatory filing. “We are continually examining the risks and rewards of our strategy to acquire and hold Bitcoin.”

Mar 26, 2025 - 20:57

GameStop goes full crypto bro as board votes unanimously for Bitcoin investment

GameStop, the video game retailer famed for becoming a meme stock and causing chaos in the stock market during the COVID-19 pandemic, is back in the spotlight for a new pursuit: investing in Bitcoin.

GameStop’s board has voted unanimously to add Bitcoin as a treasury reserve asset, investing the company’s corporate cash into the oldest and most popular digital currency. In a recent regulatory filing with the Securities and Exchange Commission (SEC), GameStop explained that in addition to cash, equity issuances and future debt may be invested in Bitcoin, with no set ceiling for the amount of Bitcoin accumulated.

The company’s stock rose 15% and dropped back down on Wednesday following the announcement of GameStop’s investment policy.

GameStop also revealed on Tuesday that its net income increased during its fourth quarter, rising to $131.3 million from the previous year’s $63.1 million. However, the retailer also projects more store closures in addition to the 590 locations it’s already closed, as brick-and-mortar retailers have continued to struggle.

GameStop is not the first company betting on cryptocurrency. Software company Strategy, formerly known as MicroStrategy, has become the largest corporate holder of Bitcoin after large investments in recent years.

GameStop’s decision comes as President Trump has embraced crypto, and after his administration announced the creation of a “Crypto Strategic Reserve” earlier this month.

Still, despite the renewed interest in cryptocurrency, Bitcoin’s price fell 1.6% on Wednesday.

“The Bitcoin markets have historically experienced significant volatility,” GameStop said in the regulatory filing. “We are continually examining the risks and rewards of our strategy to acquire and hold Bitcoin.”