Source: Cointelegraph Original: "{title}"
GameStop Corporation (GME), the company that transformed from a video game retailer to a meme stock, is reportedly preparing to invest in Bitcoin after its board unanimously approved a plan to acquire digital assets.
According to a CNBC report on March 25, the company announced it would use part of its cash reserves or future debt issuance to invest in Bitcoin and stablecoins pegged to the US dollar.
The plan was further confirmed in the company's fourth-quarter financial report released on March 25, which indicated an intention to acquire Bitcoin and stablecoins.
"The company's investment policy allows for investments in certain cryptocurrency assets, including Bitcoin and US dollar-denominated stablecoins," the financial statement stated.
As of February 1, GameStop's cash reserves exceeded $4.77 billion, compared to just $921.7 million a year earlier.
The video game retailer achieved net sales of $1.283 billion in the fourth quarter, totaling $3.823 billion for the fiscal year 2024.
GameStop quarterly financial report. Source: GameStop
Following Strategy's Playbook
GameStop broke the mold during the pandemic, becoming the center of a meme stock frenzy that turned the company's fortunes around. Since then, the video game retailer has shown signs of improvement, returning to profitability in fiscal year 2023.
Rumors about GameStop's interest in Bitcoin began circulating in February, leading to a rise in GME stock.
Earlier this month, GameStop CEO Ryan Cohen posted an untitled photo with Strategy's executive chairman and Bitcoin super bull Michael Saylor on social media, further fueling expectations of an imminent BTC purchase.
Source: Ryan Cohen
More than a month later, GameStop now seems ready to follow Strategy's lead by adding Bitcoin to its balance sheet.
Earlier this week, Saylor announced that Strategy had purchased an additional 6,911 Bitcoins, bringing its total holdings to 506,137. The company now holds about 2.4% of the total Bitcoin supply.
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