Gamestop Corp. (NYSE: GME) Declare Its board of directors unanimously agreed to update the investment policy in the company, which allowed Bitcoin to be the assets of the treasury reserves. The decision follows a series of links between the Chairman of Gamestop, CEO Ryan Cohen and prominent personalities such as Michael Sailor in the Bitcoin industry.
On February 8, Cohen meet With the head of the strategy and the well -known Bitcoin defender Michael Sailor, which has sparked speculation that Gamestop may add BTC to its public budget. Two weeks later, Cohen responded to Coindesk via a tweet male “The message was received.” After receiving a letter from the CEO of Strive Asset Management Matt Cole, which urged Gamestop to adopt Bitcoin as a backup asset.
In its announcement, Gamestop indicated that its investment policy now allows investments in “some encrypted currency assets, including Bitcoin and Stablecoins in US dollars.” The company also recognized the associated risks, including the potential impact of these investments on its financial results and internal financial controls.
The policy update was revealed in addition to the financial results of the company for the fourth quarter and the full fiscal year ending on February 1, 2025.
For the fourth quarter, Gamestop reported net sales of 1.283 billion dollars, a decrease of $ 1.794 billion in the same period in the previous year. The sales expenses (SG & A) decreased to 282.5 million dollars, compared to $ 359.2 million in the fourth quarter of the previous year. The net income for a quarter of $ 131.3 million, an increase of $ 63.1 million in the previous year. The amendment of profits before interest, taxes, depreciation and consumption for a quarter of $ 96.5 million, compared to $ 88.0 million in the fourth quarter of the previous year.
Gamestop also revealed that it had received $ 4.775 billion in cash, cash rewards, and marketable securities at the end of the quarter. The company completed its exit from Italy and put the finishing touches on the storage operations in Germany during this period.
For the full fiscal year 2024, Gamestop reported that net sales amounting to $ 3.823 billion, a decrease of $ 5.273 billion in the fiscal year 2023. SG & A expenses for this year were $ 1.130 billion, compared to $ 1.324 billion in the previous year. The net income for this year amounted to $ 131.3 million, which is much higher than 6.7 million dollars mentioned in the fiscal year 2023. The profit amendment before interest, taxes, destruction and consumption for the entire year was 36.1 million dollars, compared to 64.7 million dollars in the previous year.
The company has not yet revealed the amount of Bitcoin that you plan to buy or when it will start getting BTC, and the CEO Ryan Cohen has not publicly commented on adding Bitcoin to the Gamestop budget at the time of publication.
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