According to Foresight News, citing Business Insider, GameStop previously stated in a brief statement that the board of directors has unanimously approved an updated investment policy to use Bitcoin as the company's financial reserve asset. This move was not entirely unexpected, as there have been many rumors in the market in recent weeks about GameStop and its CEO Ryan Cohen's Bitcoin strategy.
In the 10-K filing, GameStop revealed that the company may invest some of its cash, debt, or equity financing proceeds in Bitcoin, "We have not set a limit on Bitcoin holdings and may sell the Bitcoin we hold." GameStop also released its fourth-quarter financial report on Tuesday night. The data shows that the company's quarterly revenue was $1.283 billion as of February 1, a significant decline from $1.794 billion in the same period last year.
