GameStop hints at future Bitcoin ( $76,551.00 ) purchases following board approval

GameStop Corporation (GME), the video game retailer turned memecoin stock, is reportedly moving to invest in Bitcoin ( $76,551.00 ) after its board unanimously approved a plan to acquire digital assets. 

According to a March 25 CNBC report, the company announced that it would use a portion of its corporate cash or future debt issuances to invest in Bitcoin ( $76,551.00 ) (BTC) and US-dollar-pegged stablecoins. 

The plan was further corroborated by the company’s fourth-quarter earnings report, which was released on March 25 and showed intent to acquire Bitcoin ( $76,551.00 ) and stablecoins. 

“[T]he Company’s investment policy permits investments in certain cryptocurrency assets, including Bitcoin ( $76,551.00 ) and US dollar-denominated stable coins,” the financial statement read.

GameStop’s cash reserves stood at more than $4.77 billion as of Feb. 1, compared to just $921.7 million one year earlier. 

The video game retailer posted $1.283 billion in net sales during the fourth quarter and $3.823 billion for fiscal 2024.

Related: GameStop buying Bitcoin ( $76,551.00 ) would ‘bake the noodles’ of TradFi: Swan exec

This is a developing story, and further information will be added as it becomes available.