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GameStop Corporation (GME), the video game retailer turned meme stock phenomenon, is making a bold leap into the cryptocurrency market. The company’s board has unanimously approved a plan to invest in Bitcoin (BTC) and US-dollar-pegged stablecoins, marking a significant shift in its financial strategy.
According to a March 25 report by CNBC, GameStop will utilize a portion of its corporate cash reserves or future debt issuances to acquire digital assets. The decision was confirmed in the company’s fourth-quarter earnings report, which stated:
“The Company’s investment policy permits investments in certain cryptocurrency assets, including Bitcoin and US dollar-denominated stablecoins.”
As of February 1, GameStop held $4.77 billion in cash reserves—a sharp increase from $921.7 million a year earlier. The company reported $1.283 billion in net sales for the fourth quarter and $3.823 billion for fiscal 2024, signaling a return to financial stability after years of struggle.
Gamestop: Meme Stock to Bitcoin Investor
GameStop’s pivot to Bitcoin comes after years of unconventional financial moves that began during the pandemic-driven meme stock craze. The retailer became a symbol of retail investor defiance against Wall Street short-sellers, with its stock price soaring unexpectedly in 2021.
Since then, the retailer has gradually improved its financial footing, reporting a profitable fiscal 2023, which may have given it the confidence to diversify into crypto.
Rumors of GameStop’s interest in Bitcoin had already been swirling. In February, CEO Ryan Cohen sparked speculation by posting an uncaptioned photo with Michael Saylor, the executive chairman of MicroStrategy and a vocal Bitcoin proponent. The cryptic post fueled market chatter about the retailer’s potential crypto ambitions.
A Strategic Gamble or Smart Hedge?
GameStop’s foray into Bitcoin comes at a time when corporations are increasingly viewing the cryptocurrency as a strategic reserve asset. Just days earlier, Saylor revealed that MicroStrategy had purchased 6,911 BTC, bringing its total holdings to 506,137 BTC—equivalent to roughly 2.4% of Bitcoin’s total supply.
With GameStop now officially entering the crypto arena, its decision to adopt Bitcoin as part of its treasury strategy could influence other publicly traded companies to follow suit.
