In an official press release, GameStop announced an update to its investment policy, adding Bitcoin as a reserve asset.
GameStop's Reserve Policy
GameStop's board unanimously approved the addition of Bitcoin as a treasury reserve. This step was revealed in the March 25 press release, confirming the company's intentions first hinted at last month.
GameStop Stock Dynamics
Over the last six months, GameStop's stock has risen by 14%, despite a recent 0.2% decline. Year-to-date, it shows a 17% drop, with shares priced at $25.4. Following yesterday's announcement, some GameStop-related digital assets surged by 5% to over 400%.
Previous Bitcoin Mention
Last month, GameStop hinted at possibly adding Bitcoin. On February 8, CEO Ryan Cohen shared a photo with Michael Saylor, suggesting the upcoming move. GameStop follows the lead of companies like Strategy₿, who have included Bitcoin in their reserves since August 2020.
GameStop joins the ranks of major companies investing in Bitcoin, a move garnering further attention amid its financial instability.
