GameStop will invest its corporate funds in Bitcoin.

GameStop, the video game retailer, has announced that its board has unanimously approved a plan to purchase Bitcoin using corporate cash, similar to MicroStrategy. This announcement confirms CNBC's report from February regarding GameStop's intention to add Bitcoin and other cryptocurrencies to its balance sheet.

The company stated that a portion of its cash, future debt, and stock issuances could be invested in Bitcoin and stablecoins denominated in USD. As of February 1, GameStop held approximately $4.8 billion in cash. Additionally, the firm mentioned that it has not set a limit on the amount of Bitcoin it may purchase. GameStop's entry into cryptocurrencies reflects CEO Ryan Cohen's recent efforts to revitalize the struggling physical business, focusing on cost reduction and operational efficiency to ensure profitability.