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Breaking: GameStop Adopts Bitcoin as Reserve Asset
In a surprise move, GameStop Corp., the American video game retailer, has announced it will be adopting Bitcoin as a reserve asset. This decision marks one of the biggest corporate investments in the cryptocurrency market.
According to reports, the company’s board has authorized the investment, which would make GameStop one of the most significant companies to hold Bitcoin as a reserve asset alongside such major names as Strategy and Tesla.
The news sent shockwaves through the financial markets, with some speculating that this move could be a signal for other big-name corporations to follow suit. The company’s shares are currently up by more than 6% in after-hours trading.
While the market reaction has been muted so far, many industry experts believe that GameStop’s decision to invest in Bitcoin is a significant step forward for corporate adoption of cryptocurrency. Historically, major companies have been slow to adopt this asset class, with most choosing instead to focus on traditional reserve assets like cash and bonds.
In the past, there have been some notable exceptions, such as Tesla, which purchased $1.5 billion worth of Bitcoin in January 2020. However, GameStop’s decision marks a significant shift, as it is one of the first major retailers to make this move.
As for how much Bitcoin GameStop will purchase, details are still scarce. However, it is reportedly a significant investment that would put the company on par with other prominent Bitcoin holders like Strategy and Tesla.
GameStop’s Q4 earnings report is scheduled to be released later today, but the early reports suggest that the news has been well-received by investors.
Source: https://u.today/breaking-gamestop-to-adopt-bitcoin-as-reserve-asset
