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GameStop Corp (NYSE:GME) stock is up 12.6% to trade at $28.60 at last glance, after the company's board approved a plan to use corporate dollars to buy Bitcoin (BTC) as pat of its investment strategy.
The stock market is little changed from earlier this morning, but the Nasdaq Composite has widened its declines to over 1%.
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GameStop jumped on Wednesday as the shares that were once at the center of "meme stock" trading frenzy caught investor attention again with the video game retailer making its move into cryptocurrencies.
GameStop Corp (NYSE:GME) shares are up 13% premarket on Wednesday after the company announced plans to invest in bitcoin. The board unanimously approved an update to its investment policy, allowing the video game retailer to hold Bitcoin as a treasury reserve asset.
A memecoin named after GameStop Corp. GME skyrocketed to triple-digit gains Tuesday after the video game retailer adopted Bitcoin BTC/USD as a treasury reserve asset.
GameStop said in a Tuesday (March 25) press release that its board voted unanimously to add bitcoin as a treasury reserve asset.
The move comes shortly after President Trump's executive order, signed earlier this month, to establish a strategic reserve of cryptocurrencies.