GameStop Adds Bitcoin to Its Treasury Reserves

GameStop (GME) has officially joined the growing list of public companies integrating Bitcoin into their balance sheets. The company announced alongside its Q4 earnings report that its board had unanimously approved the move to hold Bitcoin as a treasury reserve asset.

Hints of this decision emerged weeks ago when CEO Ryan Cohen shared a photo of himself with MicroStrategy Executive Chairman Michael Saylor at a Mar-a-Lago event. The post fueled speculation about GameStop’s potential Bitcoin adoption.

Soon after, Strive Asset Management CEO Matt Cole sent an open letter to Cohen, urging GameStop to allocate a portion of its nearly $5 billion cash reserves into Bitcoin. Strive, co-founded by Vivek Ramaswamy, holds GameStop shares through its ETFs.

“GameStop has a unique opportunity to reshape its financial future by positioning itself as the leading Bitcoin treasury company in the gaming sector,” Cole wrote.

Cohen later acknowledged the letter in a tweet, stating simply: “Letter received.”

Following the announcement, GameStop shares rose 5.7% in after-hours trading, while Bitcoin saw a slight increase of 0.2%, trading at $88,500.