GameStop to Add Bitcoin to Balance Sheet

GameStop (GME) has added its name to the quickly-growing roster of publicly-traded companies adopting a bitcoin treasury strategy.

Alongside its fourth quarter earnings report, the company said its board unanimously approved adding bitcoin as a treasury reserve asset.

CEO Ryan Cohen in early February got tongues wagging when he posted a picture of himself and Strategy (MSTR) Executive Chairman Michael Saylor at Donald Trump’s Mar-a-Lago.

Several days later, Strive Asset Management CEO Matt Cole sent a letter to Cohen urging GME to use at least part of its nearly $5 billion of cash on hand to purchase bitcoin. Co-founded by Vivek Ramaswamy, Strive is an owner of GME through its ETFs.

“We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier bitcoin treasury company in the gaming sector,” wrote Cole.

Cohen further raised eyebrows when he tweeted out, “Letter received.”

GME shares are up 5.7% in after hours trading. Bitcoin has gained modestly on the news, now trading at $88,500, ahead about 0.2% from 24 hours ago.