GameStop plans to use its $4 billion cash reserves to invest in Bitcoin as a treasury reserve asset.
The company aims to accumulate Bitcoin without setting a maximum amount and is open to selling any acquired Bitcoin.
In addition, GameStop plans to close a significant number of additional stores, adding to the already closed 1,000 stores over the last 12 months.
The closures will leave GameStop with less than half of its peak 6,000-store count, leading to ongoing layoffs and the end of dedicated gaming stores in some communities.