GameStop has officially added Bitcoin (BTC) to its treasury reserves after its board approved the decision.

The move comes as the firm reported improved quarterly earnings, with net income more than doubling in the fourth quarter of 2024.

Quarterly Profits Show Gains

The Texas-based company announced on March 25 that its board has “unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset.”

In its latest fiscal filing, the firm disclosed that it will use a portion of its cash reserves or proceeds from future debt or equity issuances to invest in the number one cryptocurrency. However, the document did not specify the maximum amount it intends to allocate.

This decision follows a social media post by CEO Ryan Cohen last month, in which he shared a picture of himself with prominent Bitcoin advocate Michael Saylor, fueling speculation about potential crypto involvement.

GameStop’s latest report also reflected an improvement in its earnings performance. The company revealed a rise in last years fourth-quarter profit, with net income more than doubling to $131.3 million compared to $63.1 million during the same period in 2023. This performance was due to cost-cutting measures as the firm continues to address a slow turnaround in its core business of retailing video game hardware and merchandise.

The outfit had previously expanded into digital services by offering crypto wallets that allowed users to manage their crypto and NFTs. However, it shut down the service in 2023, citing regulatory uncertainty in the industry.

Shares Rise 8.27% in After-Hours Trading

Reacting to the development, Google Finance data shows that GameStop shares rose to $27.50, reflecting an 8.27% increase in after-hours trading. The stock has also recorded a 63.87% increase over the past 12 months.

The video game retailer is taking a similar approach to software company MicroStrategy, now called Strategy, which has invested billions in Bitcoin over the years to establish itself as the largest corporate holder of the cryptocurrency.

Other firms that have incorporated the flagship cryptocurrency into their treasury strategies include video-sharing platform Rumble, which plans on investing up to $20 million, and Japanese firm Metaplanet, now the biggest corporate BTC holder in Asia. Bitcoin mining company Riot Platforms and medical technology firm Semler Scientific have also joined the wave.

Meanwhile, last week, Strategy announced plans to bid 5 million shares of its Series A Perpetual Strife Preferred Stock (PSPS) through a public offering, with proceeds directed toward further Bitcoin acquisitions. As of March 2025, the company holds approximately 506,137 BTC, valued at around $44 billion at current market prices.