GameStop Corp (NYSE: GME) shares jumped 13% in premarket trading on Wednesday after the company revealed plans to invest in Bitcoin.
The board unanimously approved a change to its investment policy, enabling the video game retailer to hold Bitcoin as a treasury reserve asset.
The announcement follows weeks of speculation, sparked by CEO Ryan Cohen posting a photo alongside MicroStrategy’s Michael Saylor, whose company is well known for its significant Bitcoin holdings.
GameStop’s move echoes MicroStrategy’s crypto-centric approach, though analysts remain cautious about the potential benefits.
Also on Tuesday, GameStop reported a 28% year-over-year decline in fourth-quarter sales, down to $1.28 billion. Full-year adjusted EBITDA dropped to $36.1 million, compared to $64.7 million the previous year. The company currently holds $4.6 billion in cash.
Before the opening bell, shares were indicated up $3.38 at $28.78.
