Gamestop votes to add Bitcoin as the origin of the cabinet

Gamestop He said on Tuesday (25 March) press release Its council voted unanimously to add Bitcoin as the origin of the cabinet reserve.

The retail games destination also announced this update for the investment policy in A. Figure 10 k Tuesday with Securities and Stock Exchange Committee (SEC), saying that part of its cash or future debts may be invested in Bitcoin.

“We have not put the maximum bitcoin that we might accumulate, and we may sell any bitcoin currencies that we may get,” Gamestop said in the 10-K model.

The company said in the deposit that the Bitcoin strategy has not been tested and may prove that it is unsuccessful, and that the company is constantly studying the risks and rewards of its strategy.

“Bitcoin markets have historically witnessed significant fluctuations in prices, limited liquidity and trading, hiding relative identity, possible exposure to market mistreatment and manipulation, compliance, internal control of stock exchanges and other risks inherent in their electronic form, completely virtual formation and decentralized network.”

Gamestop announced this step on the same day that I reported the fourth quarter and the fiscal year 2024 results She said she will not take a phone call on Tuesday.

The company said that its net sales amounted to $ 3.823 billion in the fiscal year 2024, a decrease from 5.273 billion dollars in the previous year. The net income was $ 131.3 million, an increase of $ 6.7 million in the fiscal year 2023.

During the fourth quarter, Gamestop completed its stripping in Italy and the operations of stores in Germany, according to the issuance of Tuesday’s profits.

the Retail seller It faces challenges as it adapts to the high digital distribution and the change of consumer behavior, PYMNTS said in December.

Gamestop CEO Ryan Cohen It has reduced costs and simplifying operations as it revives bricks and troublesome shells, CNBC I mentionedTuesday.

The report indicated that the Gamestop Plan for Bitcoin’s purchase with corporate cash is a famous strategy by Microstrategy, which is now known as the name Strategy. This company witnessed a rapid increase in its shares after it invested billions of dollars in Bitcoin and became the largest carrier of companies for this cryptocurrency.