GameStop Investment Policy

• GameStop's board formally approved an Investment Policy in December 2023, giving full discretion to CEO Ryan Cohen. The policy allows investments in public/private markets, and Cohen may personally co-invest.
• GameStop now has board authorization to hold Bitcoin
• GameStop completed a $1.5B note offering, with possible use of proceeds toward Bitcoin.
• These changes signal a shift from traditional retail operations toward capital stewardship, treasury innovation, and strategic investment.

From GameStop's Q3 2023 10-Q form:

"On December 5, 2023, the Board of Directors approved the Investment Policy. The Board of Directors has delegated authority to manage the Company’s portfolio of securities investments to the Company’s Chairman of the Board of Directors and Chief Executive Officer, Ryan Cohen, together with such assistants and management committees he may engage. The Company’s investments will be made in accordance with the guidelines set forth in the Investment Policy. The Board may also approve non-conforming investments and/or, in consultation with the Chief Executive Officer, modify the Investment Policy from time to time.

Mr. Cohen directs the investment activity of the Company in public and private markets pursuant to authority granted by the Board of Directors. Depending on certain market conditions and various risk factors, Mr. Cohen, in his personal capacity or through affiliated investment vehicles, may at times invest in the same companies in which the Company invests. Such investments align the interests of the Company with the interests of related parties because it places the personal resources of Mr. Cohen at risk in substantially the same manner as the Company in connection with investment decisions made on behalf of the Company."

March 20, 2025

GameStop tweeted that their investor relations website has been updated.

Social media users have observed that it appears to be very similar to Berkshire Hathaway's investor relations page.

March 25, 2025

GameStop announced an update to its Investment Policy to add Bitcoin as a treasury reserve asset

GameStop raised $1.5 billion by issuing zero-interest convertible debt notes due in 2030. The money raised will be used for general business purposes, including the possible purchase of Bitcoin.

• March 26, 2025: GameStop announced intentions to raise $1.3 to $1.5 billion through a private offering of convertible notes that pay no interest and are due in 2030.
• March 27, 2025: GameStop finalized the terms of the offering --These notes will not pay interest and can be converted into GameStop stock at a price of approximately $29.85 per share, representing a 37.5% premium over the stock’s average trading price in the relevant time period.
• April 1, 2025: GameStop completed its previously announced private offering, raising a total of $1.5 billion.