GameStop is diving back into the crypto waters.
The video game retailer announced Tuesday that its board of directors has unanimously approved the addition of Bitcoin to the company’s treasury reserves — a move that places the once-meme-stock darling alongside a growing list of companies looking to position themselves for a digital future.
The company said it plans to use a portion of its existing cash, or proceeds from future debt or equity sales, to invest in Bitcoin.
However, GameStop did not disclose the size of the planned allocation in its latest quarterly filing.
The decision follows President Donald Trump’s recent executive order to establish a strategic cryptocurrency reserve using government-owned digital assets—setting the stage for a broader normalization of Bitcoin in corporate finance.
After Shelving Wallet Plans, GameStop Eyes Bitcoin for Long-Term Play
In February, CNBC reported that the company was considering adding Bitcoin and other cryptocurrencies to its balance sheet.
This isn’t GameStop’s first foray into crypto. The company previously launched a crypto wallet in 2022, hoping to ride the Web3 wave, but shut it down a year later, citing “regulatory uncertainty.”
Still, with its roots entrenched in gamer culture and a strong connection to the so-called “degen” crowd—the retail investors who famously drove its stock sky-high during the 2021 meme stock craze—GameStop has remained closely watched by the crypto-curious community.
The move also mirrors the playbook of Strategy (formerly MicroStrategy), which has long promoted Bitcoin as a strategic asset. GameStop’s decision to follow a similar path suggests a renewed appetite for risk and relevance as it tries to chart a course beyond its struggling retail business.
GameStop Doubles Profit Despite Falling Revenue and Store Closures
Despite its challenges, GameStop posted a rare bright spot in its latest earnings report. The company’s net income more than doubled in the fourth quarter to $131.3m, up from $63.1m a year earlier, driven by aggressive cost-cutting.
The company shuttered 590 stores in the US in fiscal 2024 and plans to close even more this year. Still, overall revenue fell to $1.28b from $1.79b, showing the continued decline of its traditional gaming retail business.
Adding Bitcoin to its reserves appears to be part of GameStop’s broader effort to adapt amid ongoing challenges in its core business. The move may also reflect an attempt to re-engage retail investors and signal a willingness to explore alternative strategies, even as the company continues to navigate a difficult turnaround.
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