PANews reported on March 26 that according to Business Insider, GameStop had previously stated in a brief statement that the board of directors had unanimously approved the updated investment policy to use Bitcoin as the company's financial reserve asset. This move was not entirely unexpected, as there have been many rumors in the market over the past few weeks about GameStop and its CEO Ryan Cohen's Bitcoin layout.
In the 10-K filing, GameStop revealed that the company may invest part of its cash, debt or equity financing in Bitcoin in the future. "We have not set an upper limit on our Bitcoin holdings and may sell our Bitcoin holdings." GameStop also released its fourth-quarter earnings report on Tuesday night. Data showed that as of February 1, the company's revenue for the quarter was $1.283 billion, a sharp drop from $1.794 billion in the same period last year.
