GameStop (GME) has joined the growing list of publicly-listed firms implementing a bitcoin treasury strategy.
In conjunction with its fourth-quarter earnings report, the organization announced that its board had unanimously approved the inclusion of bitcoin as a treasury reserve asset.
In early February, CEO Ryan Cohen sparked interest when he shared a photo of himself with Strategy (MSTR) Executive Chairman Michael Saylor at Mar-a-Lago, Donald Trump’s estate.
Shortly afterward, Matt Cole, the CEO of Strive Asset Management, sent a letter to Cohen encouraging GME to allocate a portion of its nearly $5 billion cash reserves to invest in bitcoin. Strive, co-founded by Vivek Ramaswamy, holds shares in GME through its ETFs.
“We believe GameStop has a remarkable chance to reshape its financial future by establishing itself as the leading bitcoin treasury firm in the gaming industry,” Cole remarked.
Cohen further piqued interest when he tweeted a response, saying, “Letter received.”
In after-hours trading, GME shares have seen a 5.7% increase. Bitcoin has also experienced a slight rise, now trading at $88,500, marking a 0.2% uptick within the last 24 hours.