GameStop Company (GME), the online game retailer turned memecoin inventory, is reportedly transferring to spend money on Bitcoin after its board unanimously authorized a plan to amass digital belongings.
According to a March 25 CNBC report, the corporate introduced that it will use a portion of its company money or future debt issuances to spend money on Bitcoin (BTC) and US-dollar-pegged stablecoins.
The plan was additional corroborated by the corporate’s fourth-quarter earnings report, which was launched on March 25 and confirmed intent to amass Bitcoin and stablecoins.
“[T]he Firm’s funding coverage permits investments in sure cryptocurrency belongings, together with Bitcoin and US dollar-denominated steady cash,” the monetary assertion learn.
GameStop’s money reserves stood at greater than $4.77 billion as of Feb. 1, in comparison with simply $921.7 million one yr earlier.
The online game retailer posted $1.283 billion in internet gross sales throughout the fourth quarter and $3.823 billion for fiscal 2024.
GameStop’s quarterly monetary statements. Supply: GameStop
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