GameStop has officially added Bitcoin to its balance sheet, as announced in the fourth quarter earnings report.
Confirmation by GameStop
According to the fourth quarter earnings release, GameStop's board of directors unanimously approved adding Bitcoin to the company's balance sheet. This aligns with earlier statements about plans to invest in cryptocurrencies.
Company Shares Rise
Following the announcement of the Bitcoin addition, GameStop's shares increased by 6% in after-hours trading. At the same time, Bitcoin remained stable, trading just below $88,000.
Financial Results and Plans
Although GameStop has not disclosed the amount it plans to invest in Bitcoin, the company may use existing cash or funds raised through future debt or equity offerings. The company's net income for the quarter was $131.3 million, a significant increase compared to $63.1 million in the same period last year.
The addition of Bitcoin to GameStop's assets aligns with the company's strong financial performance, indicating confidence in its investment strategies.
