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GameStop Corp. (NYSE:GME) traded higher on Wednesday after announcing that the retailer had purchased 4,710 Bitcoin (BTC-USD). The approximate market value of the company’s Bitcoin position is $513.0 million.
Alongside its Q1 earnings report, GameStop (NYSE:GME) announced that its board unanimously approved an update to its investment policy to add Bitcoin (BTC-USD) as a treasury reserve asset. On the balance sheet, GameStop (GME) ended Q1 with $4.76 billion in cash.
Shares of GameStop (GME) jumped 3.8% in premarket trading to $36.22 vs. the 52-week range of $18.75 to $48.00. Short interest on GME stands at 10.9% of the total float.
Other publicly traded companies that hold Bitcoin include MicroStrategy (MSTR), Tesla (TSLA), CleanSpark (CLSK), and Coinbase Global (COIN).
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