GameStop will invest a portion of its more than $4 billion cash holdings into Bitcoin and U.S. dollar stablecoins, according to CNBC. The move was approved unanimously by its board and mirrors MicroStrategy’s high-profile crypto strategy. GameStop hasn’t set a limit on how much bitcoin it may buy and acknowledged potential volatility risks. The decision aligns with CEO Ryan Cohen’s turnaround efforts. Shares surged over 6% in Tuesday's after-hours trading.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02GameStop will invest a portion of its more than $4 billion cash holdings
00:06into Bitcoin and U.S. dollar stablecoins, that according to CNBC.
00:09Move is approved unanimously by its board and mirrors MicroStrategy's high-profile
00:14crypto strategy. GameStop hasn't set a limit on how much Bitcoin it may buy
00:18and acknowledge potential volatility risks. The decision aligns with CEO Ryan Cohen's
00:23turnaround efforts. Shares surged over 6% in Tuesday's after-hour trading.
00:27For all things money, visit Benzinga.com.