Gamestop Stock Pops After the Company confirms it is planning to buy Bitcoin

Gamestop (Fugitive) Stock increased by more than 6% on Tuesday for 6% because the company approved plans to buy Bitcoin (BTC-USD) with their cash.

The video game operator has converted popular stocks of meme He said in the edition on Tuesday His board “unanimously approved the update of his investment policy for adding bitcoin as a means of public reserves.”

Announcement comes about a month after CNBC reported gamestop There was a research of cryptocurrent investments. 8. February, Social Media Post by General Manager Gamestop Ryan Cohen caused speculation over the interest of gamestops for cryptocurrency. Cohen set a picture on X with strategy (Mstr) General Manager Michael Sailora, who found out his company in Bitcoin in Bitcoin in Bitcoin. Now hold More than 447,000 tokensby February foot.

The strategy was well elaborated by the company Ratolor with stocks over 84% last year in the middle of the rising price Bitcoin. But the Strategy Wall Street hesitates to conclude that Gamestop will invest in Bitcoin meant that the stock of the Video Game dealer has upside.

“The company’s strategy, which has changed about six times in three years, will they buy cryptocurstity and be just like microstrategia,” “Analyst Vedbush Michael Pachter” He said Yahoo Finance on Monday before the exemption of earnings.

He added: “The problem with that thinking is traded by Microstrategs about twice their BitCoin esters. If Gamestop is buying all the cash and trade in twice (their bitter farms, the stock would drop five dollars.”

Also after the ringing on Tuesday, Gamestop reported the results of the fourth quarter earnings. The company has published $ 1,228 billion net for a quarter, Markin is a decline of 28% from the previous period. The whole year, Gamestop reported a $ 36.1 million adjusted, down $ 64.7 million in the year before.

Josh Schafer is a journalist for Yahoo Finance. Follow him on x @_joshschafer.

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