Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the news of GameStop adding 4,710 Bitcoin to their treasury.
GameStop Buys 4,710 Bitcoin
The United States video game retailer GameStop have announced the acquisition of a 4,710 Bitcoin following their announcement of adopting Bitcoin as a treasury reserve asset back in March. The company did not provide further details but GameStop’s CEO, Ryan Cohen, had previously hinted at such a shift in trajectory following his posting of a photo alongside Strategy’s Executive Chairman Michael Saylor earlier this year.
GameStop said in a filing it acquired the Bitcoin although they did not give a specific period for the purchases. It marks GameStop's first major purchase of Bitcoin since their announcement last March and there is the potential that the move could boost investor interest at a time when the business is struggling at selling video games through brick-and-mortar stores in the digital age.
The share price of GameStop is up around 8% so far this year, although it did drop around 3% in the morning trading following the news. On February 1 the company noted they had amassed a $4.76 billion cash pile, according to its annual report released in April. The company is most recently famous for the impact retail investors had in driving its stock price 'to the moon' during the 2021 meme stock craze. The company has strong ties to the crypto space having launched a crypto wallet back in 2022, although they had to shut it down a year later due to “regulatory uncertainty.”
https://x.com/gamestop/status/1927679297252364502
Have a great day.
Peace. CryptoGod-1.
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