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GameStop to invest corporate cash in bitcoin, following in footsteps of MicroStrategy
Video game retailer GameStop announced Tuesday its board has unanimously approved a plan to buy bitcoin with its corporate cash, a move that MicroStrategy became well-known for. The meme stock jumped more than 6% in extended trading following the news. The announcement confirmed CNBC’s reporting in February on GameStop’s intention to add bitcoin and other cryptocurrencies to its balance sheet. The retailer said a portion of its cash or future debt and equity issuances may be invested in bitcoin and U.S. dollar-denominated stablecoins. As of February 1, GameStop held nearly $4.8 billion in cash. The firm also said ... (full story)
