March 28, 2025 - 03:46
Struggling video game retailer GameStop announced plans to add bitcoin as a Treasury reserve asset after the bell on Tuesday. The company revealed its intention to raise $1.3 billion through a stock offering aimed at funding this strategic shift. This decision comes as GameStop continues to navigate a challenging retail environment, exacerbated by the ongoing transition to digital gaming.
Investors reacted swiftly to the announcement, leading to a significant drop in the company's stock price. The volatility surrounding GameStop has been a hallmark of its recent history, marked by a surge in interest from retail investors and a series of dramatic market movements. By diversifying its asset portfolio to include cryptocurrencies, GameStop hopes to stabilize its financial footing and tap into the growing interest in digital currencies.
As the company embarks on this new venture, all eyes will be on how effectively it can leverage bitcoin to enhance its financial resilience in an increasingly competitive market.
