GameStop has purchased 4,710 Bitcoin, spending an estimated $515 million as part of a broader investment strategy into cryptocurrency. This move comes amid ongoing challenges in the retail space, where the company is also closing stores. Earlier this year, GameStop revealed plans to invest $1.3 billion in cryptocurrency while pivoting its business model away from traditional video game sales. The announcement prompted confusion among consumers and analysts, highlighting the company's uncertain future as it potentially transforms into a Bitcoin-focused entity.
GameStop today announced that its board has unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset.
The company has once again accelerated store closures in an attempt to save its way to prosperity, and its plans to enter the trading-card business and to invest in cryptocurrency are striking in their lack of specificity.
Collection
[
|
...
]