GameStop to Add Bitcoin to Balance Sheet
Author: Helen Brown | Edited by: Stephen Alpher Updated: 26 Mar 2025 1:46 GMT Published: 25 Mar 2025 8:11 GMT
GameStop (GME) has added its name to the rapidly growing list of public companies that are implementing a Bitcoin Treasury strategy.
In its fourth-quarter earnings report, the company confirmed that its board of directors unanimously supported the idea of adding bitcoin as a treasury reserve asset.
CEO Ryan Cohen attracted attention in early February when he posted a photo of himself and Strategy (MSTR) Chairman Michael Saylor at Donald Trump’s Mar-a-Lago estate.
A few days later, Strive Asset Management CEO Matt Cole sent a letter to Cohen proposing that he use at least some of his nearly $5 billion in cash to buy bitcoin. Strive, co-founded by Vivek Ramaswamy, holds GME shares through its ETFs.
“We believe GameStop has a unique opportunity to transform its financial future by becoming a leader in bitcoin management in the gaming sector,” Cole wrote.
Cohen further surprised the public by tweeting: “Letter received.”
GME shares are up 5.7% in after-hours trading. Bitcoin also gained slightly on the news and is now trading at $88,500, up about 0.2% from 24 hours ago.
GameStop (GME) has added its name to a rapidly growing list of public companies that have adopted a bitcoin treasury strategy. In addition to its fourth-quarter earnings report, the company confirmed that its board of directors had unanimously approved the addition of bitcoin as a treasury reserve asset. CEO Ryan Cohen made waves in early February when he posted a photo of himself and Strategy (MSTR) executive chairman Michael Saylor at Donald Trump’s Mar-a-Lago estate. Shortly thereafter, Strive Asset Management CEO Matt Cole sent Cohen a letter urging him to use at least some of his nearly $5 billion in cash to buy bitcoin. Strive, co-founded by Vivek Ramaswamy, holds GME through its ETFs. “We believe GameStop has a unique opportunity to reshape its financial future by becoming a leader in bitcoin management in the gaming sector,” Cole wrote. Cohen also made waves when he acknowledged receiving the letter on Twitter. GME shares are up 5.7% in after-hours trading. Bitcoin has gained slightly on the news and is now trading at $88,500, up about 0.2% from 24 hours ago.
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