GameStop board approves adding bitcoin as a treasury reserve asset; reports profit rise

GameStop said on Tuesday that its board has unanimously approved the addition of bitcoin as a treasury reserve asset, sending its shares up 6.2 per cent in extended trading.
The decision comes close on the heels of U.S. President Donald Trump signing an executive order earlier this month to establish a strategic reserve of cryptocurrencies by using tokens already owned by the government.
GameStop said it will use a portion of its cash or future debt or equity issuances to be invested in bitcoin, but did not specify the maximum amount of bitcoin it might buy, according to its quarterly filing.
It also posted a rise in fourth-quarter profit, helped by the videogame retailer's efforts to reduce costs and a faster turnaround in its mainstay of retailing videogame hardware and merchandise.
GameStop posted fourth-quarter net income of $131.3 million, compared to a net income of $63.1 million last year.