GameStop hints at future Bitcoin purchases following board approval

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.

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.