Bitcoin (BTC) to Become Treasury Asset at GameStop (GME)

GameStop (GME) has added its identify to the quickly-growing roster of publicly-traded firms adopting a bitcoin treasury technique.

Alongside its fourth quarter earnings report, the corporate stated its board unanimously permitted including bitcoin as a treasury reserve asset.

CEO Ryan Cohen in early February received tongues wagging when he posted an image 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 despatched a letter to Cohen urging GME to use at least a part of its almost $5 billion of money available to buy bitcoin. Co-founded by Vivek Ramaswamy, Strive is an proprietor of GME by means of 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 additional raised eyebrows when he tweeted out, “Letter received.”

GME shares are up 5.7% in after hours buying and selling. Bitcoin has gained modestly on the information, now buying and selling at $88,500, forward about 0.2% from 24 hours in the past.