Chain video game retailer GameStop announced that its board of directors has unanimously approved updating its investment policy to add Bit as a reserve asset.

GameStop Returns to Bit's Embrace After Closing NFT and Crypto Wallet

The struggling video game retailer GameStop, which became a favorite among retail traders during the 2021 meme stock frenzy, had briefly attempted to enter the Non-Fungible Token market and crypto wallet services. Due to regulatory uncertainty, GameStop closed its Non-Fungible Token wallet in August 2023 and its Non-Fungible Token marketplace in February 2024.

(GameStop Will Stop Its Crypto Wallet Service Due to High Regulatory Uncertainty!)

Last month, GameStop CEO Ryan Cohen revealed the idea of a Bit reserve strategy and posted a photo of himself with MicroStrategy (now renamed Strategy) founder Michael Saylor on the X social media platform.

After the announcement, GameStop's stock rose about 6% in after-hours trading. The GME token, which shares the same name as GameStop, also surged by over 30%. However, GameStop's stock has declined approximately 20% year-to-date.

GameStop released its fourth-quarter and fiscal year 2024 financial results ending February 1, 2025. Its fourth-quarter revenue declined 28% year-over-year to $1.28 billion, with cash, cash equivalents, and marketable securities totaling $4.775 billion at the end of the quarter.

GameStop Joins Bit Reserve Strategy Company

The pioneer of Bit reserve strategy, Strategy, announced its Treasury Reserve Policy as early as September 2020, a policy that uses Bit as the company's primary reserve asset. The company continues to buy Bit through cash flows generated from its core business, as well as through debt and equity financing transactions.

(Strategy Leads the Trend: A Comprehensive Guide to Bit Reserve Strategy Company Investments)

Michael Saylor, co-founder of MicroStrategy, is a faithful Bit believer who has repeatedly stated that Bit is digital gold and the world's scarcest asset. Saylor has recently been actively reaching out to companies to encourage more to join the Bit reserve strategy, such as giving a video presentation at the recent shareholders' meeting of Japanese investment company Metaplanet. Currently, about 80 global listed companies, including mining firms, pharmaceutical companies, and advertisers, are buying Bit to replace their cash reserves.

(US and Japanese MicroStrategy Unite: Michael Saylor Surprises at Metaplanet Shareholders' Meeting)