GameStop Corp., the struggling video-game retailer that became a favorite of retail traders during the meme stock frenzy in 2021, said its board has approved a plan to add Bitcoin as a treasury reserve asset.

The Grapevine, Texas-based firm is joining a growing list of public companies experimenting with using corporate cash or borrowed money to buy the digital asset in a bid to capitalize on the surge in Bitcoin. The gambit was pioneered by Michael Saylor’s Strategy, the enterprise software company formally known as MicroStrategy that has acquired more than $40 billion in Bitcoin and seen its share price soar.