- The company has announced an update to its investment policy to include Bitcoin as a reserve asset.
- It has also committed to acquiring stablecoins as part of this investment strategy.
- The company reported having $4.7 billion in cash on hand.
The video game retailer revealed in its Q4 financial report on Tuesday that it will be adding Bitcoin and USD-backed stablecoins to its list of treasury reserve assets.
Bitcoin and stablecoins to become part of the company’s treasury reserves
The firm shared that its board has reached a unanimous decision to include Bitcoin and stablecoins as part of its treasury reserves. The updated investment policy now allows the purchase of specific cryptocurrency assets, according to the Q4 financial report.
“The investment policy of the Company allows for investments in select cryptocurrency assets, including Bitcoin and U.S. dollar-pegged stablecoins,” the report highlighted.
As of February 1, the company disclosed that it holds $4.7 billion in cash and cash equivalents. While no specific figures were provided regarding the potential digital asset purchases, it may follow the example of another firm that is the largest corporate holder of Bitcoin.
This leading company currently possesses 506,137 BTC, which it acquired at an average price of $66,608 per BTC, and serves as a model for other organizations looking to enhance their treasury reserves with Bitcoin.
The firm might allocate some of its cash reserves or funds from imminent debt and equity issues toward investments in Bitcoin and USD-tethered stablecoins.
Additionally, an investment expert commented on Tuesday that this is one of the most opportune times in history to invest in Bitcoin.
He clarified that while Bitcoin was once viewed with considerable risk due to technological uncertainties, unreliable trading platforms, and regulatory issues, many of these concerns have been resolved over time.
He contended that the U.S. government’s growing acceptance of Bitcoin is a tactical move to sustain its leadership in the global financial arena, particularly following an executive order earlier this month aimed at establishing a Strategic Bitcoin Reserve.