GameStop has updated its investment policy to allow the company to hold “certain cryptocurrency assets, including Bitcoin and U.S. dollar–denominated stable coins” — a move that signals potential future BTC allocations.

The language appears in a new section of its fiscal year 2024 earnings release filed on Tuesday. While no purchases have been disclosed, the change means GameStop could join other public companies like MicroStrategy and Tesla that have added Bitcoin to their corporate treasuries.

“If the Company acquires Bitcoin or U.S. dollar denominated stable coins, the Company will be exposed to certain risks associated with Bitcoin or stable coins, respectively,” the filing notes.

$4.78 billion in cash — and now, maybe crypto

GameStop ended the fiscal year with a $4.78 billion in cash, cash equivalents and marketable securities — up significantly from $938.9 million a year ago.

The company raised over $3.45 billion through its at-the-market (ATM) equity offering program, giving it a massive war chest.

That capital could now be allocated toward digital assets. While GameStop didn’t provide commentary on the move — and skipped an earnings call entirely — the new language has wide implications.

The filing reads, “The Company’s investment policy permits investments in certain cryptocurrency assets, including Bitcoin and U.S. dollar–denominated stable coins.”

Earnings snapshot

GameStop reported net income of $131.3 million for fiscal 2024, up from $6.7 million the previous year, even as net sales declined from $5.27 billion to $3.82 billion.

“Selling, general and administrative expenses were $1.13 billion for fiscal year 2024, compared to $1.32 billion for fiscal year 2023,” the company noted.

The company also completed the wind-down of operations in Germany and finalized the divestiture of its business in Italy during the period.