GameStop To Add Bitcoin To Treasury As T. Rowe Price Says Buy Bitcoin

GameStop (GME) is set to join the growing list of publicly traded companies adding Bitcoin to their treasuries, as trillion-dollar asset manager T. Rowe Price calls it a “really good time” to buy the cryptocurrency.

GameStop said in its Q4 earnings report that its board unanimously approved adding Bitcoin to its treasury. The video game retailer plans to use a portion of its corporate cash or future debt issuances to acquire BTC and USD-pegged stablecoins.

GameStop

GameStop CEO Pictured With Michael Saylor At Donald Trump’s Mar-a-Lago

GameStop CEO Ryan Cohen hinted at the move back in early February when he posted a picture of himself and Strategy Executive Chair Michael Saylor at Donald Trump’s Mar-a-Lago estate. 

GameStop’s cash reserves stood at over $4.77 billion as of Feb. 1, the report showed, up from $921.7 million a year earlier. 

In the days after Cohen posted the picture with Saylor, Strive Asset Management CEO Matt Cole urged the GameStop CEO in a letter to use some of the company’s substantial reserves to buy Bitcoin.

T. Rowe Price Says It’s “Really Good Time” To Buy BTC

GameStop’s decision to add BTC to its treasury comes at the perfect time, according to T. Rowe Price’s global technology portfolio manager, Dominic Rizzo. Speaking at the Exchange conference in Las Vegas, Rizzo said that now is a good time to build exposure to Bitcoin.

He drew comparisons between Bitcoin’s price and a usual commodity, and shared his thoughts on how investors should think about buying BTC now.

“Bitcoin itself has traded very close to its average cost of mine,” Rizzo said. ”So, if you think about it like a traditional commodity, that’s actually historically a really good time to have exposure to it.” 

Bitcoin is trading at $87,960 as of 4:51 a.m. EST after gaining 1.4% in the past 24 hours and 5.3% in the last week, according to CoinMarketCap data.

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