GameStop to Add Bitcoin to Balance Sheet
The company's CEO Ryan Cohen hinted at possible acquisitions several weeks ago, notably by sharing a photo of himself and Strategy's Michael Saylor at an event in Mar-a-Lago.
Author: Helen Brown | Edited by: Stephen Alpher Updated: 26 Mar 2025 1:46 GMT Published: 25 Mar 2025 8:11 GMT
What you need to know:
- GameStop has announced plans to include Bitcoin as a reserve asset in its treasury.
- At the end of the fourth quarter, the company had $4.76 billion in cash and cash equivalents.
- The move doesn't come as a complete surprise, as CEO Ryan Cohen has previously hinted at the possibility of acquiring bitcoin for his company.
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.
