Crypto Crusade: GameStop Joins Bitcoin Bandwagon

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“Crypto Crusade: GameStop Joins Bitcoin Bandwagon”

Crypto Crusade: GameStop Joins Bitcoin Bandwagon

As the great Russian winter of economic uncertainty descends upon us, a beacon of hope shines bright in the form of a Texas-based video game retailer. GameStop, that bastion of nostalgic joy and fiscal despair, has taken a bold step into the uncharted waters of cryptocurrency. With a unanimous board approval, the company has added Bitcoin to its treasury reserves, because, as we all know, what could possibly go wrong with that decision? 🙄

The news comes as a welcome respite from the crushing bleakness of our economic reality. As the firm reported improved quarterly earnings, with net income more than doubling in the fourth quarter of 2024, one cannot help but wonder if this is the beginning of a grand experiment in fiscal responsibility. Or perhaps it’s just a desperate cry for help from a company clinging to the wreckage of a bygone era. 🤷‍♂️

Quarterly Profits Show Gains

The board’s decision to add Bitcoin as a treasury reserve asset follows a social media post by CEO Ryan Cohen last month, in which he shared a picture of himself with prominent Bitcoin advocate Michael Saylor. Because, as we all know, a picture is worth a thousand words, and in this case, it’s worth a thousand Bitcoins. 📸

The company’s latest fiscal filing disclosed that it will use a portion of its cash reserves or proceeds from future debt or equity issuances to invest in the number one cryptocurrency. However, the document did not specify the maximum amount it intends to allocate, because, as we all know, discretion is the better part of valor, especially when it comes to investing in a highly volatile asset class. 🤔

This decision follows a trend set by other firms, such as software company MicroStrategy, now called Strategy, which has invested billions in Bitcoin over the years to establish itself as the largest corporate holder of the cryptocurrency. Because, as we all know, if it’s good enough for them, it’s good enough for us. 😊

Shares Rise 8.27% in After-Hours Trading

Reacting to the development, Google Finance data shows that GameStop shares rose to $27.50, reflecting an 8.27% increase in after-hours trading. The stock has also recorded a 63.87% increase over the past 12 months, because, as we all know, a rising tide lifts all boats, even those that are rapidly sinking. 🚣‍♂️

As the great Russian philosopher, Ivan Karamazov, once said, “If God does not exist, then everything is permitted.” And so, it seems, is investing in Bitcoin. 🤷‍♂️

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2025-03-26 21:29