GameStop announced that its board has approved a plan to buy Bitcoin with corporate cash, following a strategy made famous by MicroStrategy.
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00:00GameStop announced that its board has approved a plan to buy Bitcoin with corporate cash,
00:04following a similar path made famous by MicroStrategy.
00:08The stock jumped 13 percent after the news, confirming reports that GameStop intended
00:12to add Bitcoin and other cryptocurrencies to its balance sheet.
00:16The company, which held nearly $4.8 billion in cash as of February, said it hasn't set
00:21a limit on how much Bitcoin it may buy.
00:24CEO Ryan Cohen sees the move as part of a broader effort to revive the business, though
00:29it could expose the company to cryptocurrency market volatility.