GameStop Corp. (NYSE: GME) announced that its board of directors has unanimously current an update to the firm’s funding coverage, permitting Bitcoin to be held as a treasury reserve asset. The resolution follows a assortment of engagements between GameStop Chairman and CEO Ryan Cohen and renowned figures enjoy Michael Saylor within the Bitcoin commerce.
On February 8, Cohen met with Procedure Chairman and vital Bitcoin advocate Michael Saylor, sparking hypothesis that GameStop can be including BTC to its stability sheet. A couple weeks after, Cohen answered to CoinDesk by device of a tweet pointing out “Letter bought.” after receiving a letter from Are attempting Asset Management CEO Matt Cole, which urged GameStop to adopt Bitcoin as a reserve asset.
In its announcement, GameStop renowned that its funding coverage now permits investments in “obvious cryptocurrency sources, including Bitcoin and U.S. dollar-denominated stablecoins.” The firm also acknowledged related dangers, including the functionality impression of these investments on its financial results and inner financial controls.
The coverage update used to be disclosed alongside the firm’s financial results for the fourth quarter and total fiscal twelve months ended February 1, 2025.
For the fourth quarter, GameStop reported catch gross sales of $1.283 billion, a lower from $1.794 billion within the identical length the prior twelve months. Selling, total and administrative (SG&A) bills fell to $282.5 million, in contrast to $359.2 million within the fourth quarter of the previous twelve months. Procure profits for the quarter used to be $131.3 million, up from $63.1 million a twelve months earlier. Adjusted EBITDA for the quarter used to be $96.5 million, in contrast to $88.0 million within the prior twelve months’s fourth quarter.
GameStop also disclosed that it held $4.775 billion in cash, cash equivalents, and marketable securities at the tip of the quarter. The firm done its exit from Italy and finalized the wind-down of retailer operations in Germany true by device of this length.
For the rotund fiscal twelve months 2024, GameStop reported catch gross sales of $3.823 billion, down from $5.273 billion in fiscal twelve months 2023. SG&A bills for the twelve months were $1.130 billion, in contrast to $1.324 billion within the prior twelve months. Procure profits for the twelve months reached $131.3 million, significantly increased than the $6.7 million reported in fiscal twelve months 2023. Adjusted EBITDA for the rotund twelve months used to be $36.1 million, in contrast to $64.7 million within the previous twelve months.
The firm has no longer yet disclosed how unprecedented Bitcoin it plans to aquire or when this could originate purchasing BTC, and CEO Ryan Cohen has no longer yet commented publicly on the addition of Bitcoin to GameStop’s stability sheet at the time of publishing.
Bitcoiner since 2017. Bitcoin Magazine since 2020. Collecting Bitcoin for my last name, no longer my first.
