06:39 AM EDT, 03/26/2025 (MT Newswires) -- GameStop ( GME ) shares jumped early Wednesday as the company's fiscal fourth-quarter earnings rose year over year, while the video game retailer disclosed plans to invest its capital in cryptocurrency.

The company's board unanimously decided to add bitcoin as a treasury reserve asset as part of its updated investment policy, it said late Tuesday.

GameStop ( GME ) Chief Executive Ryan Cohen last month posted a photo of himself with MicroStrategy (MSTR) co-founder and Chairman Michael Saylor on his X account, fueling speculation that the companies may collaborate on a cryptocurrency-related venture soon, multiple media outlets reported.

Bitcoin was up 0.1% at $88,209 in Wednesday's premarket activity, while GameStop ( GME ) shares rose 13%.

Earlier in the week, Wedbush Securities said in a client note that GameStop ( GME ) has no "clear strategy to reasonably deploy capital." The company's management seems to be planning to withdraw from its core business, hoping that an entry into trading card business or crypto investment can "drive it to profitability," according to the brokerage.

Separately, the company reported adjusted earnings of $0.30 per share for the three months through Feb. 1, up from $0.22 a year ago. Two analysts polled by FactSet expected non-GAAP EPS of $0.08. Sales fell to $1.28 billion from $1.79 billion last year, trailing the $1.48 billion consensus based on the same number of analysts.

Sales from the hardware and accessories segment dropped to $725.8 million from $1.09 billion in the prior-year quarter. Software revenue slipped to $286.2 million from $465.3 million, while collectibles rose to $270.6 million from $233.7 million.

Selling, general and administrative expenses decreased to $282.5 million from $359.2 million last year. Adjusted earnings before interest, taxes, depreciation and amortization advanced to $96.5 million from $88 million on an annual basis, the company said.