[Bitop Review] GameStop Joins the Ranks of Bitcoin Reserve Strategy Companies! Is the Meme Frenzy Making a Comeback?

The chain video game retailer GameStop has announced that its board of directors has unanimously approved an update to its investment policy, adding Bitcoin as a reserve asset.

GameStop Returns to Bitcoin After Shutting Down NFT and Crypto Wallet

Struggling video game retailer GameStop, a favorite among retail traders during the 2021 meme stock frenzy, once ventured into the NFT market and crypto wallet services but didn’t stick with it for long. Due to regulatory uncertainty, GameStop shut down its NFT wallet in August 2023 and closed its NFT marketplace in February 2024.

Last month, GameStop CEO Ryan Cohen hinted at the idea of a Bitcoin reserve strategy and posted a photo on the X social media platform with Michael Saylor, the founder of MicroStrategy (now rebranded as Strategy).

Following the announcement, GameStop’s stock price rose about 6% in after-hours trading. Meanwhile, the GME token, which shares the same name as GameStop, surged over 30%. However, GameStop’s stock price has still declined by approximately 20% year-to-date.

GameStop released its financial results for the fourth quarter and fiscal year ending February 1, 2025. Its fourth-quarter revenue dropped 28% year-over-year to $1.28 billion. As of the end of the quarter, GameStop held $4.775 billion in cash, cash equivalents, and marketable securities.

GameStop Joins Bitcoin Reserve Strategy Companies

The pioneer of the Bitcoin reserve strategy, Strategy (formerly MicroStrategy), announced its Treasury Reserve Policy back in September 2020. This policy designates Bitcoin as the company’s primary reserve asset. In addition to using cash flow generated from its core business, the company has also raised funds through debt and equity financing to continuously purchase Bitcoin.

MicroStrategy co-founder Michael Saylor is a staunch Bitcoin believer, having repeatedly stated publicly that Bitcoin is digital gold and the world’s scarcest asset. Recently, Saylor has been engaging with various companies, actively lobbying more firms to adopt the Bitcoin reserve strategy. Japanese investment firm Metaplanet recently invited Saylor to deliver a video speech at its shareholder meeting. Currently, around 80 publicly listed companies worldwide—including mining firms, pharmaceutical companies, and advertisers—are buying Bitcoin to replace their cash reserves.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.