GameStop (GME) has added its identify to the quickly-growing roster of publicly-traded corporations adopting a bitcoin treasury technique.
Alongside its fourth quarter earnings report, the corporate mentioned its board unanimously authorised including bitcoin as a treasury reserve asset.
CEO Ryan Cohen in early February acquired tongues wagging when he posted an image of himself and Technique (MSTR) Govt Chairman Michael Saylor at Donald Trump’s Mar-a-Lago.
A number of days later, Attempt Asset Administration CEO Matt Cole despatched a letter to Cohen urging GME to make use of no less than a part of its practically $5 billion of money readily available to buy bitcoin. Co-founded by Vivek Ramaswamy, Attempt is an proprietor of GME by way 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.
