GameStop uses Bitcoin as a reserve asset

GameStop, a company that sells video games and gaming consoles, has started using Bitcoin as a reserve asset. This was reported by the company's press service from the United States.

As a result, the company will update its investment policy, and the purchase of Bitcoin will be carried out using corporate funds. Part of the funds or future debt obligations and shares of GameStop may be invested in Bitcoin and stablecoins pegged to the US dollar. However, the company has not set a limit on the amount of the first cryptocurrency that the company can acquire.

“The company will be exposed to risks associated with Bitcoin or stablecoins. Bitcoin has historically experienced significant price volatility, limited liquidity, and trading volumes. Additional factors may cause results to differ from those reflected in GameStop's forward-looking statements,” the earnings report submitted by the company to the US Securities and Exchange Commission (SEC) notes.

Earlier, Strategy reported that the company would raise $21 billion through the sale of Series A preferred stock as part of an ATM program.