The video game retailer’s cash pile rose to nearly $4.8 billion as of Feb. 1, compared with $921.7 million a year earlier. <\/p>\n
GameStop Corporation (GME), the video game retailer turned memecoin stock, is reportedly moving to invest in Bitcoin after its board unanimously approved a plan to acquire digital assets.\u00a0<\/p>\n
According<\/a> to a March 25 CNBC report, the company announced that it would use a portion of its corporate cash or future debt issuances to invest in Bitcoin (BTC<\/a>) and US-dollar-pegged stablecoins.\u00a0<\/p>\n The plan was further corroborated by the company\u2019s fourth-quarter earnings report, which was released on March 25 and showed intent to acquire Bitcoin and stablecoins.\u00a0<\/p>\n \u201c[T]he Company\u2019s investment policy permits investments in certain cryptocurrency assets, including Bitcoin and US dollar-denominated stable coins,\u201d the financial statement reads. <\/p>\n GameStop\u2019s cash reserves stood at more than $4.77 billion as of Feb. 1, compared with $921.7 million a year earlier.\u00a0<\/p>\n The video game retailer posted $1.283 billion in net sales during the fourth quarter and $3.823 billion for fiscal 2024.<\/p>\n GameStop\u2019s quarterly financial statements. Source: <\/em>GameStop<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Related: <\/strong><\/em>GameStop buying Bitcoin would \u2018bake the noodles\u2019 of TradFi: Swan exec<\/strong><\/em><\/a><\/p>\n GameStop broke from convention during the pandemic when it became the center of a meme stock frenzy that turned the company\u2019s fortunes around. Since then, the video game retailer has shown signs of improvement, with a return to profitability in fiscal 2023.\u00a0<\/p>\n Rumors about GameStop\u2019s interest in Bitcoin<\/a> began to circulate in February, triggering a rise in GME stock. <\/p>\n Earlier in the month, GameStop CEO Ryan Cohen posted an uncaptioned photo on social media alongside Strategy executive chairman and Bitcoin mega bull Michael Saylor, which further stoked anticipation of an impending BTC purchase. <\/p>\n Source: <\/em>Ryan Cohen<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Now, more than one month later, GameStop appears poised to take a page out of Strategy\u2019s playbook by adding Bitcoin to its balance sheet.<\/p>\n Earlier this week, Saylor announced that Strategy had acquired an additional 6,911 Bitcoin<\/a>, bringing its total stockpile to 506,137 BTC. The company now holds roughly 2.4% of Bitcoin\u2019s total supply.\u00a0<\/p>\n Related: <\/strong><\/em>Strategy announces 10% preferred stock offering to buy more Bitcoin<\/strong><\/em><\/a><\/p>\nBitcoins Following the Strategy playbook<\/h2>\n