GameStop announced on Tuesday that it has approved the inclusion of bitcoin as part of its treasury reserve assets, leading to a 6.2% increase in its shares during after-hours trading. This decision follows closely after U.S. President Donald Trump’s executive order earlier this month to establish a strategic reserve of cryptocurrencies utilizing existing government-owned tokens.
GameStop plans to allocate a portion of its cash, future debt, or equity issuances to invest in bitcoin, as stated in its quarterly filing. However, the maximum amount of bitcoin to be purchased was not specified.
The company also reported a growth in fourth-quarter profit, attributed to cost reduction efforts and improved performance in retailing videogame hardware and merchandise, its core business.
In the fourth quarter, GameStop recorded a net income of $131.3 million, a significant increase from $63.1 million in the previous year.
