GameStop's board has officially decided to include bitcoin as a treasury reserve asset, leading to a 7% increase in its share price in after-hours trading. This move aligns with a broader trend seen in the corporate world, following Strategy's rebranding to emphasize its bitcoin commitment. GameStop's recent financial performance showed a significant profit increase, partially attributed to cost reductions, despite ongoing challenges in the retail videogame market, where digital trends and e-commerce impact traditional sales. The company indicated it would invest cash or through future debt or equity in bitcoin, although no specifics were given on the investment sum.
GameStop's board unanimously approved adding bitcoin as a treasury reserve asset, marking a significant shift towards integrating cryptocurrency into its financial strategy.
GameStop's decision comes alongside a rise in fourth-quarter profit, supported by cost-cutting measures amid ongoing struggles in the retail videogame sector.
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