Gamestop (GME) updated its corporate investment policy to send higher stocks in Tuesday’s extension trading, including Bitcoin.
The video game retailer said the board unanimously approved a decision to add Bitcoin to its investment policy following reports that retailers are considering investing in cryptocurrency.
The announcement follows speculations about GameStop’s crypto plan after CEO Ryan Cohen posted a photo of himself with Michael Saylor, co-founder of Strategy, previously known as MicroStrategy. Bitcoin prices have been just under $88,000 in recent transactions.
GameStop shares jumped more than 6% in after-hours trading on Tuesday after the announcement. So far, the stock has dropped by around 19% per year near the market.
GameStop also reported its fourth quarter results. This led to revenues falling 28% year-on-year to $1.28 billion. However, adjusted net income increased to $136.4 million, or 30 cents per share, from $67.7 million a year ago, or 22 cents per share. As the company moved to cut costs, revenue growth occurred.
