GameStop said Tuesday that its board unanimously approved the addition of Bitcoin as a Treasury protected asset.
GameStop shares rose 7% to $27.23 in after-hours trading.
The decision reflects the reaction of Bitcoin's biggest business owner, and in February it dropped the word “micro” from its name and unveiled a new logo to highlight its commitment to the crypto space.
The strategy said the rebranding is a “natural evolution” as it seeks to integrate Bitcoin, the world's largest and most well-known cryptocurrency, into the heart of its business operations.
The GameStop move comes as it will use tokens already owned by the government to establish strategic reserves for cryptocurrency, shortly after President Trump's executive order signed earlier this month.
GameStop said it would use cash or some of its future debt or share issue to invest in Bitcoin, according to its quarterly filing, but did not identify the maximum amount of Bitcoin it could buy.
It also recorded an increase in fourth quarter profits that would help its efforts to reduce costs.
GameStop's fourth quarter net income more than doubled to $131.3 million compared to the same period last year.
The company once was at the heart of the “Meme Stock” deal Frenzy and has struggled with major businesses with its exit notes on digital downloads, game streaming and e-commerce shopping.
However, we are actively reducing costs. We will close 590 U.S. stores in 2024 and “We expect to close a considerable number of additional stores in fiscal year 2025.
Revenue for the fourth quarter was $1.28 billion compared to the previous year's $1.79 billion.
