GRAPEVINE, Texas – GameStop, the video game retailer based in Grapevine, Texas, made a significant announcement on Tuesday regarding its corporate investment policy. The company’s board of directors voted unanimously to include Bitcoin as part of its investment policy. This decision follows recent reports indicating GameStop’s interest in investing in cryptocurrencies, marking a strategic shift in the company’s investment strategy.

Reports of GameStop’s potential crypto plans were fueled by CEO Ryan Cohen’s social media post featuring himself with Michael Saylor, the co-founder of Strategy, the largest corporate holder of Bitcoin formerly known as MicroStrategy. With Bitcoin’s price hovering around $88,000 in recent trading sessions, the timing of GameStop’s decision to include Bitcoin in its investment policy seems strategic.

Following the announcement, GameStop’s shares experienced a sharp increase of more than 6% in after-hours trading on Tuesday. This positive market response came at a time when the stock had been facing a decline of approximately 19% since the beginning of the year. The market’s reaction suggests that investors may view the company’s move to include Bitcoin in its investment policy favorably.

Aside from the Bitcoin update, GameStop also reported its fiscal fourth-quarter results. Despite a 28% year-over-year decline in revenue to $1.28 billion, the company’s adjusted net income showed growth. Net income rose to $136.4 million, or 30 cents per share, compared to $67.7 million, or 22 cents per share, in the previous year. This increase in earnings can be attributed to the company’s efforts in cost-cutting initiatives, which have proven to be effective in improving profitability.

GameStop’s decision to include Bitcoin in its investment policy reflects a broader trend of traditional companies exploring cryptocurrency investments. As the digital asset market continues to evolve and gain mainstream acceptance, more companies may follow suit in diversifying their investment portfolios with cryptocurrencies like Bitcoin. This strategic move by GameStop could potentially position the company for future growth opportunities in the rapidly changing financial landscape.