GameStop to Invest Billions in Bitcoin and Stablecoins in Board-Approved Crypto Strategy

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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.