GameStop Corp. announced that its board of directors unanimously approved an update to its investment policy, allowing Bitcoin to be included as a treasury reserve asset. This decision marks a significant shift in the company’s financial strategy, aligning it with a growing trend among corporations to diversify their reserves with cryptocurrency. GameStop, a video game retailer known for its role in the 2021 meme stock frenzy, plans to use a portion of its cash reserves—reported at nearly $4.8 billion as of February 1, 2025—or future debt and equity issuances to invest in Bitcoin. The company has not specified a maximum limit on how much Bitcoin it may acquire, indicating flexibility in its approach.
This move follows the example set by Strategy (formerly MicroStrategy), a company that has become the largest corporate holder of Bitcoin after investing billions into the cryptocurrency. GameStop’s decision comes amid a broader context of increasing institutional interest in Bitcoin, highlighted by U.S. President Donald Trump’s executive order earlier in March 2025 to establish a national strategic reserve of cryptocurrencies. The announcement has sparked optimism among investors, with GameStop’s stock surging over 6% in after-hours trading following the news, though it later moderated.
The strategy is part of CEO Ryan Cohen’s efforts to revitalize GameStop, which has faced challenges in its traditional brick-and-mortar business. Alongside the Bitcoin policy update, the company reported a fourth-quarter net income of $131.3 million, more than doubling the $63.1 million from the previous year, driven by cost-cutting and operational improvements. However, GameStop has acknowledged the risks, noting in an SEC filing that Bitcoin’s volatility could impact its financial stability, and that this untested strategy might not succeed. As of now, no specific timeline or amount for Bitcoin purchases has been disclosed.
Register for Tekedia Mini-MBA edition 17 (June 9 – Sept 6, 2025) today for early bird discounts. Do annual for access to Blucera.com.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register to become a better CEO or Director with Tekedia CEO & Director Program.
Corporate adoption of cryptocurrency, particularly Bitcoin, as a treasury reserve asset has gained significant momentum in recent years, reflecting a broader shift in how companies view digital assets. This trend is driven by a combination of factors: inflation concerns, the search for alternative stores of value, and the increasing mainstream acceptance of cryptocurrencies. The trailblazer in this space, Strategy began heavily investing in Bitcoin in 2020, amassing over 252,220 BTC (valued at approximately $18 billion as of late 2024) by October 2024. Under CEO Michael Saylor, the company has positioned itself as a “Bitcoin development company,” using debt and equity offerings to fund its purchases. Its success—stock up over 2,000% in five years—has inspired others to follow suit.
In 2021, Tesla purchased $1.5 billion in Bitcoin, briefly holding it as a treasury asset before selling most of it in 2022. While it no longer holds significant BTC, Tesla’s initial move signaled corporate interest and remains a notable case study. Block led by Jack Dorsey, has integrated Bitcoin into its operations, holding 8,027 BTC (about $575 million) as of mid-2024. Its focus extends beyond treasury allocation to building Bitcoin-related infrastructure.
As of March 25, 2025, GameStop’s board unanimously approved Bitcoin as a treasury reserve asset, leveraging its $4.8 billion cash pile. This move aligns with its turnaround efforts under CEO Ryan Cohen and reflects a growing trend among retail-focused companies. Metaplanet has been acquiring Bitcoin since mid-2024, holding 855 BTC (around $61 million) by October 2024. Its stock surged over 700% in 2024, mirroring Strategy’s playbook. Semler Scientific: This medical tech firm shifted its treasury strategy in 2024, purchasing 828 BTC (about $60 million) by November 2024, citing Bitcoin as a hedge against inflation.
By late 2024, 2,436 companies globally held Bitcoin, with corporate treasuries owning roughly 2.95% of the total BTC supply (about 586,371 BTC). This is up from just a handful of firms in 2020. While tech and finance lead (e.g., Strategy, Block), adoption is spreading to diverse sectors like retail (GameStop), manufacturing (Tesla historically), and even healthcare (Semler Scientific). Companies cite inflation protection, portfolio diversification, and Bitcoin’s fixed supply (21 million cap) as key drivers. The 2024 Bitcoin halving and subsequent price surges—reaching over $108,000 by December 2024—have further fueled interest.
U.S. President Donald Trump’s March 2025 executive order to create a national cryptocurrency reserve has bolstered corporate confidence, signaled regulatory support and reduced perceived risks. Bitcoin’s price swings—e.g., dropping 20% in a week in December 2024 before rebounding—pose risks to financial stability, as GameStop noted in its SEC filing. Evolving global regulations, such as the EU’s MiCA framework and U.S. SEC scrutiny, create uncertainty for corporate holders. In the U.S., Bitcoin is treated as an intangible asset, requiring impairment losses during price dips but not recognizing gains until sold, complicating financial reporting.
The trend shows no signs of slowing. Analysts predict that as Bitcoin ETFs approved in the U.S. in 2024 mature and institutional custody solutions improve, more corporations will allocate 1-5% of their treasuries to crypto. Companies like Strategy and GameStop may set a precedent, but success hinges on Bitcoin’s long-term performance and macroeconomic conditions. For now, this remains a bold, speculative bet—one that’s reshaping corporate finance in real time.
