Gamestop Corp. (NYSE: GME) has announced that its Board of Directors unanimously approved an update of the company’s investment policy, allowing Bitcoin to be detained as the Treasury Reserve activities. The decision follows a series of commitments between the president and CEO of Gamestop Ryan Cohen and prominent figures such as Michael Saylor in the Bitcoin sector.
On February 8, Cohen met the president of the strategy and the well -known lawyer Bitcoin Michael Saylor, unleashing the speculation that Gamestop could add BTC to his balance sheet. A couple of weeks later, Cohen replied to Coindesk through a tweet that said “letter received”. After receiving a letter from the CEO of Stive Asset Management Matt Cole, who urged Gamestop to adopt Bitcoin as a reserve resource.
In his announcement, Gamestop observed that his investment policy now allows investments in “some cryptocurrency activities, including Bitcoin and Stablecoins called in US dollars”. The company also recognized the associated risks, including the potential impact of these investments on its financial results and internal financial controls.
The updating of the policy was disclosed together with the financial results of the company for the fourth quarter and the entire tax year closed on 1 February 2025.
For the fourth quarter, Gamestop recorded net sales of $ 1.283 billion, a decrease from $ 1.794 billion in the same period of the previous year. The sales expenses, general and administrative (SG & A) dropped to $ 282.5 million, compared to $ 359.2 million in the fourth quarter of the previous year. Net income for the quarter was $ 131.3 million, increasing compared to $ 63.1 million of the previous year. The rectified Ebitda for the quarter was $ 96.5 million, compared to $ 88.0 million in the fourth quarter of the previous year.
Gamestop also revealed that at the end of the quarter it held $ 4.775 billion in cash, equivalent in cash and marketable securities. The company has completed its exit from Italy and has aimed for the reduction of the shop operations in Germany during this period.
For the entire tax year 2024, GameStop recorded net sales of $ 3.823 billion, down $ 5.273 billion in the tax year 2023 Net income for the year reached $ 131.3 million, significantly higher than the 6.7 million dollars reported in the tax year 2023
The company has not yet revealed how Bitcoin plans to buy or when it will begin to acquire BTC and the CEO Ryan Cohen has not yet publicly commented on the addition of Bitcoin to the Gamestop budget at the time of publishing.