GameStop Joins Bitcoin Treasury Trend, Announces Investment Policy Update

GameStop Corp. (NYSE: GME), the video game retailer and original meme stock phenomenon, has announced a significant update to its investment policy, adding Bitcoin as a treasury reserve asset.

According to a press release issued by GameStop, this policy update now permits investments in certain cryptocurrency assets, including Bitcoin and U.S. dollar-denominated stablecoins. The move, while not entirely unexpected given recent speculation, marks a notable shift for the company.

Shares of GameStop surged by over 8% in extended trading on Tuesday following the announcement. In a brief statement, GameStop confirmed its board's decision to add Bitcoin (BTCUSD) as a treasury reserve asset. A recent Form 10-K filing revealed that this new policy allows a portion of the company's cash or proceeds from future debt and equity issuances to be invested in Bitcoin. The filing also stated, "We have not set a maximum amount of bitcoin we may accumulate, and may sell any bitcoin we may acquire."

The move comes after recent online buzz surrounding GameStop and its chief executive officer, Ryan Cohen, regarding a potential entry into the Bitcoin market. Adding to this speculation, Cohen last month posted a picture with Michael Saylor, the executive chair of Strategy (formerly MicroStrategy Inc.), a company renowned for holding Bitcoin as its primary treasury reserve asset since 2020.

With this decision, GameStop joins a growing list of publicly traded companies that have added Bitcoin to their balance sheets, potentially aiming to benefit from a perceived crypto-friendly environment under the current Trump administration.

GameStop's announcement coincided with the release of its fourth-quarter earnings report on Tuesday. The company reported sales of $1.283 billion for the quarter ended February 1, 2025, down from $1.794 billion in the same period last year. However, the company reported a net income of $131.3 million, or 29 cents per share, up from $63.1 million, or 21 cents per share, in the same period the previous year, marking its third consecutive quarterly profit. The company ended the quarter with a substantial $4.775 billion in cash, cash equivalents, and marketable securities, a significant increase from $1.199 billion at the end of the same period last year.

KULR Grows Stash

In related news, KULR Technology Group, a thermal management solutions firm, announced on Tuesday that it had purchased an additional $5 million worth of Bitcoin.

According to an SEC filing, KULR acquired 58.3 BTC at an average price of $88,824, inclusive of fees. This latest purchase brings KULR's total Bitcoin holdings to 668.3 BTC, worth approximately $59 million at current prices. KULR's CEO, Michael Mo, stated that these acquisitions align with the company's Bitcoin treasury strategy, announced in December 2024, which commits up to 90% of its surplus cash reserves to Bitcoin.

Meanwhile, OG corporate Bitcoin hoarder Strategy announced on Monday that it had surpassed 500,000 BTC in total holdings, following the purchase of another 6,911 BTC for approximately $584.1 million between March 17 and March 23. The company now holds a total of 506,137 BTC, worth over $44 billion.