GameStop Approves Bitcoin Investment Strategy, Reports Strong Quarterly Profit
GameStop (GME, Financials) said its board has approved a plan to invest corporate cash in bitcoin and U.S. dollar-denominated stablecoins, as the company reported fourth-quarter net income more than doubling from the prior year.
GameStop has approved a new digital asset investment plan letting the business put corporate money into U.S. dollar-denominated stablecoins and bitcoin.The board of directors unanimously endorsed the action; no limit has been established on the overall quantity of bitcoin the business might buy. GameStop has around $4.8 billion in cash and cash equivalents as of Feb. 1. In its application with the U.S. Securities and Exchange Commission, the firm admitted that the plan is unproven, the asset class is…
