rewrite this title GameStop Adds Bitcoin as ‘Treasury Reserve Asset’ – Decrypt

Meme stock GameStop updated its Investment Policy on Tuesday to add “certain crypto-currencies, including Bitcoin” as “permissible investment instruments.”

The company made the announcement in its 2024 annual report, which it filed with the Securities and Exchange Commission after the closing bell.

GameStop also followed up the filing with a message on X, formerly known as Twitter, saying that it is now permitted to use Bitcoin “as a Treasury Reserve Asset.”

The video game retailer, which trades on the New York Stock Exchange under the GME ticker, ended the day at $25.40 after having lost 0.82%. But GME has already gained 6.3% in after-hours trading.

“We have not set a maximum amount of Bitcoin we may accumulate, and may sell any Bitcoin we may acquire,” the company said in its SEC filing.

The shift was approved via an update to GameStop’s investment policy, which was approved unanimously by the company’s board of directors on March 18.

GameStop CEO Ryan Cohen hinted at the company’s announcement. Last month, Cohen posed alongside Strategy co-founder and Executive Chairman Michael Saylor in a photo he posted to X, formerly known as Twitter.

Cohen, who founded the online pet supplies store Chewy, has stockpiled cash at the video game retailer since stepping into the role nearly a year and a half ago. He replaced Matt Furlong, who tried unsuccessfully to launch NFT collectibles, before he was terminated.

As of Feb 1. GameStop held $4.7 billion in cash and cash equivalents, compared to $921 million a year prior, according to the SEc filing.

For its 2024 fiscal year, the company disclosed profits of $131 million on $3.8 billion in sales, which mostly came from selling video game hardware and accessories. A year prior, the company reported a profit of $6.7 million on $5.3 billion in sales.

UPDATE (March 25, 2025): Adds information about Cohen and GameStop holdings. 

Edited by James Rubin