GameStop announced adding Bitcoin as a reserve asset, underscoring the increasing interest of major companies in cryptocurrency.
GameStop's Decision and Its Impact
GameStop has amended its investment policy to add Bitcoin to its assets. The decision was unanimously approved by the board of directors, following the strategy of companies like Strategy and Tesla.
Market Reaction to the News
GameStop's shares are up by more than 6% in after-hours trading. The price of Bitcoin is approaching the $89,000 mark, but the market reaction has been relatively muted.
Comparison with Other Companies
GameStop is one of the largest companies to use Bitcoin as a reserve asset alongside firms like Strategy and Tesla. However, despite some examples, corporate Bitcoin adoption remains limited, as demonstrated by Microsoft's recent shareholder rejection to diversify its reserves with Bitcoin.
GameStop's move to adopt Bitcoin as a reserve asset marks a significant step for corporate cryptocurrency adoption, though the trend continues to develop slowly.
