GameStop announced a strategic rebranding effort to integrate bitcoin into its core business operations, describing it as “a natural evolution.” This move follows U.S. President Donald Trump’s recent executive order to establish a strategic reserve of cryptocurrencies using government-owned tokens. In its quarterly filing, GameStop stated that it plans to invest part of its cash or future debt or equity issuances in bitcoin, though the exact maximum amount remains unspecified. The company reported a significant rise in fourth-quarter profit, reaching $131.3 million, compared to $63.1 million in the same period last year. This increase was driven by cost-cutting measures amid challenges in its traditional video game retail business. GameStop closed 590 stores in the U.S. during fiscal 2024 and expects to close more in fiscal 2025. Revenue for the fourth quarter was $1.28 billion, down from $1.79 billion the previous year.
— news from Reuters