Bitcoin Boosts GameStop’s Treasury by $500M

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GameStop (NYSE: GME) saw its shares climb today after revealing a significant move into cryptocurrency: the company has acquired 4,710 Bitcoin (BTC-USD), valued at approximately $513 million.

This strategic shift was approved unanimously by GameStop’s board, updating its investment policy to include Bitcoin as a treasury reserve asset. This substantial crypto holding comes alongside GameStop’s reported $4.76 billion in cash at the end of Q1.

Following the announcement, GME shares rose 3.8% in premarket trading to $36.22. The stock’s 52-week range is $18.75 to $48.00, with current short interest at 10.9% of the total float.

GameStop joins a growing list of publicly traded companies holding Bitcoin, including MicroStrategy (MSTR), Tesla (TSLA), CleanSpark (CLSK), and Coinbase Global (COIN).