GameStop makes plans to add Bitcoin to its balance sheet

GameStop is getting into Bitcoin. The video game retailer, known for its wild meme stock history, is considering adding Bitcoin and other cryptocurrencies to its balance sheet, according to a report from CNBC. The news sent GameStop’s stock surging as much as 20% in extended trading.

The company is still deciding. There’s no official commitment yet. “GameStop is exploring it, but nothing is final,” a source close to the company said. Executives are reviewing whether Bitcoin fits into the company’s financial strategy before making a move.

GameStop’s Bitcoin talks and Ryan Cohen’s involvement

GameStop CEO Ryan Cohen fueled speculation over the weekend when he posted a picture on X with Michael Saylor, the co-founder and chairman of MicroStrategy, the largest corporate holder of Bitcoin. But despite the online frenzy, two sources confirmed that Saylor is not involved in GameStop’s crypto investment discussions.

This wouldn’t be GameStop’s first crypto venture. In 2022, the company launched a crypto wallet to support Bitcoin, Ethereum, and NFTs. But by 2023, it shut the service down, blaming “regulatory uncertainty.”

Cohen, the billionaire behind Chewy, has been running GameStop since 2021. He originally joined as an investor in 2020, right before the stock became the face of retail trader mania. His leadership has focused on cost-cutting and operational efficiency rather than aggressive expansion. As of November 2, GameStop had a $4.6 billion cash reserve, according to a December securities filing. That money has been earmarked for investments, and Bitcoin is now on the table.

In December 2023, GameStop’s board approved an updated “investment policy.” It gave Cohen, two independent board members, and select staff the power to manage the company’s securities portfolio. Any investments outside the policy require approval from either the committee (by unanimous vote) or the full board (by majority vote).

Bitcoin as a corporate asset: Who else is doing it?

If GameStop follows through, it will join a growing list of companies adding Bitcoin to their corporate treasuries. The biggest name on that list is MicroStrategy, which rebranded as Strategy after shifting its focus to Bitcoin. Led by Saylor, the company has accumulated 471,000 BTC—roughly 2% of all Bitcoin in circulation. In 2025 alone, it has made four Bitcoin purchases, including two billion-dollar acquisitions.

MicroStrategy’s strategy has paid off. Over the past year, its stock has soared more than 400%. With an $83 billion market cap, it’s now bigger than Capital One and Target.

Other companies are following suit. According to crypto security firm Coinkite, at least 78 corporations worldwide now hold Bitcoin in their treasuries.

OneMedNet, a healthcare data company with a $30 million market cap, raised $4.6 million through a private stock sale and immediately used the funds to buy Bitcoin. The reason? To fight off short-sellers.

Another example is KULR, a company specializing in thermal energy management for NASA and the U.S. Navy. It recently bought 510 BTC. “A Michael Saylor inspiration,” KULR CEO Michael Mo said. Since announcing in December that it would put 90% of its surplus cash into Bitcoin, KULR’s stock has jumped 117%.

GameStop already has experience handling digital assets. If it moves forward, it would be one of the biggest names yet to take Bitcoin onto its balance sheet. The decision could signal a shift in corporate treasury management, pushing more public companies to embrace Bitcoin as a financial asset.

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