According to breaking news, GameStop has updated its investment policy to include Bitcoin as a treasury reserve asset.
The company announced in its latest earnings report that its board of directors unanimously approved adding Bitcoin as a treasury reserve asset.
The move comes after weeks of speculation that GameStop Chairman and CEO Ryan Cohen had been involved in a feud with MicroStrategy CEO Michael Saylor at Donald Trump’s Mar-a-Lago residence in early February.
Days later, Strive Asset Management CEO Matt Cole sent a letter urging GameStop to allocate some of its $5 billion cash reserves to Bitcoin. Strive, founded by Vivek Ramaswamy, invests in GameStop through its ETFs.
Following the announcement, GameStop shares rose 5.7% in after-hours trading.
*This is not investment advice.
