GameStop plans to invest its cash reserves in Bitcoin to diversify assets and boost growth.

GameStop's board has approved plans to invest its corporate cash in Bitcoin, aiming to diversify assets and capitalize on cryptocurrency's growth. The company, which has nearly $4.8 billion in cash, hasn't set a limit on the amount of Bitcoin to be purchased. This move follows MicroStrategy's investment in Bitcoin and is part of CEO Ryan Cohen's strategy to revitalize GameStop by cutting costs. GameStop's fourth-quarter net income doubled to $131.3 million, up from $63.1 million last year.