GameStop has officially joined the growing list of public companies adopting Bitcoin (BTC) as a reserve asset.
In its March 25 earnings report, the gaming retailer confirmed that its board had unanimously approved an update to its investment policy, allowing for the purchase of BTC.
The decision had been anticipated for weeks, especially after CEO Ryan Cohen posted a photo alongside Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), at a Mar-a-Lago event. That image created speculation that GameStop could soon mirror Strategy’s aggressive BTC accumulation.
- Source.
GameStop reported holding $4.76 billion in cash and cash equivalents as of February 1—up from just $921.7 million a year earlier. The company now plans to allocate a portion of that capital, and potentially future debt or equity proceeds, into BTC and stablecoins as part of its new treasury strategy.
This move echoes recent calls from Strive Asset Management CEO Matt Cole, who urged Cohen to leverage the company’s cash reserves and position the firm as the premier BTC treasury company in the gaming sector.
Cohen’s cryptic “Letter received” response on social media further fueled speculation before the official announcement.
GameStop Goes From Meme Stock to Bitcoin Believer
The move aligns GameStop with a broader trend of institutional Bitcoin adoption. It follows the Trump administration’s recent executive order to establish a strategic Bitcoin reserve at the federal level and arrives just days after Strategy added another 6,911 BTC to its balance sheet, pushing its total to over 506,000 coins.
GameStop’s financials show a company in transition. While Q4 revenue dipped to $1.28 billion from $1.79 billion year-over-year, net income more than doubled to $131.3 million due to aggressive cost-cutting and a retreat from underperforming markets like Italy and Germany.
Its stock rose nearly 6% in after-hours trading, following confirmation of the BTC move. The announcement drew immediate reactions from across the crypto space.
BitGo CEO Mike Belshe floated the idea that the company should allocate the majority of its cash to BTC using time-locked strategies, turning it into a long-term crypto reserve. Meanwhile, CNBC’s Jim Cramer referenced his earlier pitch from 2021, where he urged GameStop to adopt Bitcoin and repurpose its retail footprint into crypto hubs.
