- GameStop has updated its investment policy to include Bitcoin as a cash reserve, without ceiling on accumulation and the possibility of selling if necessary.
- The board of directors unanimously approved this change on March 18, as revealed by the company’s annual report in 2024 sec.
On Tuesday, the American popular American video game retainer Gamestop updated his investment policy, adding “certain cryptocurrencies, including Bitcoin” as an authorized investment instruments.
The company’s board of directors approved the change unanimously on March 18, disclosed in the annual GameStop report in 2024 deposited with the SEC after the closure of the market. The file noted that the company did not set a maximum limit on the amount of bitcoin that it could accumulate and reserves the right to sell any acquired bitcoin.
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First speculation, then reality
CEO Ryan Cohen sparked speculation for the first time in early February by publishing a photo of him with Michael Saylor, Executive President of Strategy (MSTR), at Donald Trump Mar-A-Lago. Shortly after, the CEO of Strve Asset Management Matt Cole sent a letter Exhorter GameStop to deploy at least part of its cash reserve of nearly $ 5 billion ($ 7.93 billion to buy Bitcoin.
We believe that GameStop has an incredible opportunity to transform its financial future by becoming the first Bitcoin cash company in the game sector.
Matt Cole, CEO of Strve Asset Management, Matt Cole
Cohen’s subsequent tweet, “letter received”, has only made additional speculation. In discussions after opening hours, GME shares climbed US $ 25.40 ($ 40.27 in), a change of 8.7% in the daily time.
Coinmarketcap data show that Bitcoin holds land at US $ 49,492 ($ 138,744 in), a variation of 5.7% in the last seven days. Over the past two weeks, the asset had experienced significant disorders. While the market has fought against volatility, Rininglass data has recorded nearly US $ 1 billion ($ 1.57 billion in) in liquidation.
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