GameStop has announced plans to close a significant number of stores in fiscal year 2025 while making a strategic shift towards Bitcoin. The video game retailer confirmed that its board unanimously approved an update to its investment policy, adding Bitcoin as a treasury reserve asset. Although the exact number of store closures remains undisclosed, GameStop has already reduced its global count from a peak of roughly 6,000 to 3,203.
The company stated that a portion of its cash or future debt and equity issuances may be invested in Bitcoin, without setting a maximum limit. GameStop retains the option to sell any acquired Bitcoin. This move comes after previous attempts to launch a cryptocurrency wallet were unsuccessful.
Despite skepticism from analysts regarding revenue recovery, GameStop’s stock surged 15% following the announcement. Meanwhile, its former magazine, Game Informer, has been resurrected under Gunzilla Games, with plans to expand both physical and digital efforts. — news from IGN