“GameStop’s Bitcoin Bonanza: The Wild Ride Continues!”
What to know:
- GameStop said it will add bitcoin as a treasury reserve asset.
- The company had current assets of $5.355 billion as of the end of Q4.
- The move was not totally unexpected as CEO Ryan Cohen had teased bitcoin purchases for his company several weeks ago.
How delightful! GameStop (GME) has joined the ranks of those who have succumbed to the allure of bitcoin’s siren song. As one might expect, the company’s board has unanimously approved adding bitcoin to its treasure trove of assets.
And, of course, CEO Ryan Cohen’s recent visit to Mar-a-Lago with Michael Saylor was merely a coincidence. A mere trifle, really. The fact that he tweeted “Letter received” in response to a certain Mr. Cole’s suggestion that GME use its vast cash reserves to purchase bitcoin? Merely a playful jab, a wink to the world.
As one might expect, GME shares are up 5.7% in after hours trading. And bitcoin, that most mercurial of assets, has gained a bit on the news, now trading at $88,500. One wonders what other surprises this wild ride has in store for us.
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2025-03-25 23:19