A general view of the GameStop logo on one of its stores in the city center of Cologne, Germany.
Ying Tang | Nurphoto | Getty Images
Video game retailer GameStop announced Tuesday its board has unanimously approved a plan to buy bitcoin with its corporate cash, a move that MicroStrategy became well-known for.
The meme stock jumped more than 6% in extended trading following the news. The announcement confirmed CNBC’s reporting in February on GameStop’s intention to add bitcoin and other cryptocurrencies to its balance sheet.
GameStop would be following in the footsteps of MicroStrategy, now known as Strategy, which has bought billions of dollars worth of bitcoin in recent years and transformed from a software stock to a bitcoin holding vehicle. The move prompted a rapid, but volatile, rise for Strategy’s stock.
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