Markets, GameStop, Bitcoin, Breaking News Company CEO Ryan Cohen had teased potential purchases weeks in the past, notably sharing a photograph of himself and Strategy’s Michael Saylor at a Mar-a-Lago occasion
GameStop (GME) has added its identify to the quickly-growing roster of publicly-traded corporations adopting a bitcoin treasury technique.
Alongside its fourth quarter earnings report, the company said its board unanimously accredited including bitcoin as a treasury reserve asset.
CEO Ryan Cohen in early February bought tongues wagging when he posted an image of himself and Strategy (MSTR) Executive Chairman Michael Saylor at Donald Trump’s Mar-a-Lago.
Several days later, Strive Asset Management CEO Matt Cole sent a letter to Cohen urging GME to make use of a minimum of a part of its almost $5 billion of money available to buy bitcoin. Co-founded by Vivek Ramaswamy, Strive is an proprietor of GME via its ETFs.
“We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier bitcoin treasury company in the gaming sector,” wrote Cole.
Cohen additional raised eyebrows when he tweeted out, “Letter received.”
GME shares are up 5.7% in after hours buying and selling. Bitcoin has gained modestly on the information, now buying and selling at $88,500, forward about 0.2% from 24 hours in the past.
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