GameStop Corp., the struggling video-game retailer that became a favorite of retail traders during the meme stock frenzy in 2021, said its board has approved a plan to add Bitcoin as a treasury reserve asset.
The Grapevine, Texas-based firm is joining a growing list of public companies experimenting with using corporate cash or borrowed money to buy the digital asset in a bid to capitalize on the surge in Bitcoin. The gambit was pioneered by Michael Saylor’s Strategy, the enterprise software company formally known as MicroStrategy that has acquired more than $40 billion in Bitcoin and seen its share price soar.
Last month, GameStop Chief Executive Officer Ryan Cohen teased at the idea, posting a picture of himself and Saylor on the X social media platform.
Ayesha Kiani, MNNC Group Chief Operating Officer and NYU professor, discusses the growing institutional adoption of crypto-related assets and what the election of President Donald Trump has meant for the industry. Professor Kiani speaks with Paul Sweeney and Jess Menton on Bloomberg Radio.
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