GameStop steps into Bitcoin

GameStop's board has approved plans to establish a reserve in Bitcoin. The company, which has long been in dire straits, will now invest part of its cash reserves in Bitcoin.

Exactly how much is being invested in Bitcoin, GameStop has not yet disclosed. According to information from CNBC, however, there is no cap on the amount that can be put into Bitcoin. As of Feb. 1, GameStop had $4.8 billion in cash.

In addition, the company announced a net profit of $131.3 million in the fourth quarter of 2024.

GameStop, which has an eventful history in the stock market, is following the lead of MicroStrategy. That company, led by Michael Saylor, now owns more than 500,000 Bitcoin.

GameStop's shares reacted positively to the news: after trading Tuesday, the stock closed 8.3 percent higher.