GameStop Corp. (GME) shifts its plan. The company now owns Bitcoin. This choice comes from a new view of finance. News of the move caught many eyes. The stock jumped as traders talked about crypto.
On Tuesday, the board approved the switch. They gave a clear yes to adding Bitcoin. Reports had hinted that the video game firm might try crypto. The company had suffered in store sales. The decision aimed to bring fresh hope.
A photo shows GameStop’s CEO, Ryan Cohen, with Michael Saylor. Saylor, who helped start MicroStrategy, holds much Bitcoin. The picture stirred more talk. At that time, Bitcoin neared $88,000. The coin kept a strong mark in the market.
After the news, shares climbed more than 6% in after-hours trade. Investors grew keen once again. Earlier in the year, the stock had fallen by about 19%. The new choice seemed to spark a change.
GameStop also shared its quarter results. The report said revenue fell by 28% to $1.28 billion. Yet, the company trimmed costs. Net income reached $136.4 million or 30 cents per share. That was an increase from $67.7 million or 22 cents per share the year before.
By adding Bitcoin, GameStop seeks new ground in finance. The move may help the firm recapture lost ground as shopping shifts fast. The next months will show if this new plan brings change.
