GameStop Acquires 4,710 Bitcoin to Diversify Corporate Treasury
GameStop Corp (NYSE: GME) has entered the digital asset market by acquiring 4,710 units of Bitcoin. This move, confirmed in a Form 8-K filing with the SEC, reflects the company's strategy to integrate Bitcoin into its treasury management.
Key Points
- The total dollar amount spent on the Bitcoin acquisition was not disclosed.
- The board approved this decision in March, establishing Bitcoin as a treasury reserve asset.
- GameStop raised $1.5 billion in April through convertible notes to support this initiative.
- The company joins other public firms, including Strategy Inc. and Metaplanet, in holding Bitcoin in their treasuries.
- Strategy Inc. recently acquired 4,020 BTC, bringing its total to 580,250 BTC, while Metaplanet holds 7,800 BTC.
- GameStop's stock price rose 3% in pre-market trading following the announcement, indicating increased investor interest in companies linking financial strategies to digital assets.