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GameStop (GME), which has updated its corporate investment policies to include Bitcoin, sent shares higher in Tuesday’s extended trading.
The video game retailer announced that its board unanimously approved its decision to add Bitcoin as part of its investment policy. This follows reports last month that it was considering investing in cryptocurrencies.
The announcement comes after speculation about GameStop’s crypto plans, following a photo posted by CEO Ryan Cohen in a month’s time of him with Michael Saylor. Michael Saylor is the cofounder of Strategy (MSTR), which was previously known as MicroStrategy and is the largest corporate owner of Bitcoin. Bitcoin’s recent price was just below $88,000.
GameStop’s shares rose more than 6 percent in Tuesday after-hours trades following the announcement. Stocks were down 19% so far this year through the market closing.
GameStop has also released its fiscal fourth quarter results. Revenue fell 28% from the previous year to $1.28 billion. The adjusted net income increased to $136.4 millions, or 30 cents a share, from $67.7million, or 22cents a share, one year earlier. The company increased its earnings as a result of cost-cutting measures.
