GameStop has amended its investment policy in order to add Bitcoin as a treasury reserve asset.
The company says that the decision to adopt Bitcoin was unanimously approved by the board of directors.
GameStop has followed the playbook of business intelligence firm Strategy, which has now been copied by a handful of other companies.
The American video game retailer that defined the meme stock mania of early 2021 has a market cap of $11.36 billion. It would be one of the biggest companies to hold Bitcoin as a reserve asset (alongside such major names as Strategy and Tesla).
The bullish news does not come as a surprise. Rumors about GameStop's Bitcoin pivot had been swirling ahead of the company's Q4 earnings.
The company's shares are up by more than 6% in after-hours trading.
Tomiwabold OlajideThe price of Bitcoin is approaching the $89,000 mark on the news, but the market reaction has been rather muted so far.
Regardless of the price action, GameStop's move is significant for corporate Bitcoin adoption, which has been struggling to pick up steam. Apart from some minor Strategy copycats, very few major companies have so far decided to invest in Bitcoin.
In December, Microsoft's shareholders overwhelmingly rejected a proposal to diversify the tech giant's reserves with Bitcoin.
Vladislav Sopov
Dan Burgin
