GameStop has officially amended its Investment Policy to recognize Bitcoin as a permissible investment instrument. The company disclosed this update in its 2024 annual report, which was filed with the Securities and Exchange Commission (SEC) after the closing bell. In addition to the filing, GameStop posted an announcement on X, formerly known as Twitter, stating that Bitcoin is now classified as a Treasury Reserve Asset within its investment strategy.

The decision to incorporate Bitcoin into its reserves follows an official update to GameStop’s investment policy, which was unanimously approved by the company's board of directors on March 18. The company also stated in its SEC filing that there is no set limit on the amount of Bitcoin it may acquire and that it retains the option to sell any Bitcoin holdings at its discretion.

GameStop Updates Investment Policy to Add Bitcoin

GameStop to Add Bitcoin

GameStop’s decision to add Bitcoin to its investment portfolio aligns with the leadership approach of CEO Ryan Cohen. Cohen, who co-founded Chewy, has focused on strengthening the company's financial position since taking over nearly a year and a half ago. His strategy contrasts with that of former CEO Matt Furlong, who attempted to expand into NFT collectibles and web3 gaming before being terminated.

Cohen hinted at GameStop’s Bitcoin-related announcement last month when he posted a photo alongside Michael Saylor, the co-founder and Executive Chairman of MicroStrategy, on X. Saylor has been a vocal advocate for Bitcoin adoption in corporate treasury strategies, suggesting that GameStop's move may have been influenced by similar considerations.

By integrating Bitcoin into its financial strategy, GameStop is positioning itself within the broader trend of companies exploring cryptocurrency as a store of value. Whether this decision will lead to long-term financial benefits remains to be seen, but it reflects an ongoing evolution in the company’s approach to managing its assets.

Source: Decrypt