GameStop将比特币作为国库储备资产，寄出股票飙升

视频游戏零售商在2021年成为“模因股票”现象的代名词，对加密货币的未来进行了巨大的投资。

GameStop, the video game retailer that became a mainstay of the ‘meme stock’ phenomenon in 2021, is planning to invest in Bitcoin and will hold the cryptocurrency as a treasury reserve asset, the company said in a regulatory filing on Thursday.

该公司在周四的一项监管文件中表示，GameStop是2021年“模因股票”现象的中流台的视频游戏零售商，该公司计划投资比特币，并将作为财政部资产作为财政部资产。

The company’s move to purchase Bitcoin comes as it reported a fourth-quarter loss and a 22% drop in revenue.

该公司购买比特币的举动是据报道，第四季度亏损和22％的收入下降。

GameStop's shares price nearly tripled in after-hours trading.

GameStop的股价在下班后交易几乎两倍。

Adopting MicroStrategy’s Bitcoin Playbook: A New Era for GameStop?

采用Microstrategy的比特币剧本：GameStop的新时代？

GameStop appears to be following Strategy’s approach in accumulating Bitcoin. This business intelligence firm has famously reinvented itself as a corporate Bitcoin accumulator. While Strategy has built its corporate identity around Bitcoin, GameStop’s adoption of the digital asset represents a more experimental move, given its history as a retailer rather than a technology-driven firm. Now, GameStop is using a playbook of its own, hoping to capitalize on the potential of cryptocurrency.

GameStop似乎正在遵循策略积累比特币的方法。这家商业情报公司已将自己重塑为公司比特币蓄能器。尽管策略已经围绕比特币建立了公司身份，但GameStop对数字资产的采用代表了一个更具实验性的举动，因为它是零售商而不是技术驱动的公司。现在，GameStop正在使用自己的剧本，希望利用加密货币的潜力。

GameStop is expected to use cash on hand or an unspecified mix of new debt and equity issuances to purchase Bitcoin, according to multiple reports. The extent of GameStop’s capital commitment to Bitcoin remains unclear, but the company appears committed to this strategy. In its earlier filing from February, the company disclosed that it had about $4.8 billion in cash.

根据多项报告，GameStop有望使用现金或未指定的新债务和股权发行的组合来购买比特币。 GameStop对比特币的资本承诺范围尚不清楚，但该公司似乎致力于这一战略。该公司在2月的早期文件中透露，其现金约为48亿美元。

However, skepticism lingers, with some analysts hinting that GameStop’s strategy might be some kind of long-awaited gambit, although its precise implications remain unclear.

但是，怀疑者的持续存在，一些分析师暗示GameStop的策略可能是某种已久的Gambit，尽管其确切的含义尚不清楚。

Cost-Cutting and Profitability: A Broader Strategy

成本削减和盈利能力：更广泛的策略

GameStop’s Bitcoin investment is part of a broader strategy led by CEO Ryan Cohen. Cohen became a member of GameStop’s board in 2021. He aims to transform the company into a leaner, more profitable business that is less reliant on traditional brick-and-mortar stores. In 2024, GameStop shuttered 590 stores in the United States and expects to close even more in 2025. The measures were taken to cut costs.

GameStop的比特币投资是首席执行官Ryan Cohen领导的更广泛战略的一部分。科恩（Cohen）于2021年成为GameStop董事会成员。他的目标是将公司转变为更精美，更有利可图的业务，而不太依赖传统的实体商店。 2024年，GameStop在美国关闭了590家商店，并预计在2025年关闭了更多商店。采取了削减成本的措施。

That strategic shift comes amid improving financial performance. GameStop had a net income of $131.3 million in the fourth quarter, more than doubling the $63.1 million it reported in the same period a year ago. That was fueled by cost-cutting and higher sales for video game hardware and merchandise. But quarterly revenue was $1.28 billion, down from $1.79 billion a year earlier.

在改善财务绩效的情况下，这种战略转变即将到来。 GameStop在第四季度的净收入为1.313亿美元，一年前同期报告的6310万美元翻了一番。这是由于削减成本和更高的视频游戏硬件和商品销售所推动的。但是季度收入为12.8亿美元，低于去年同期的17.9亿美元。

Challenges with GameStop’s Bitcoin Investment: Spotting the Risk and Volatility

GameStop的比特币投资挑战：发现风险和波动性

While the potential rewards can be immense, GameStop recognizes the risks behind investing in Bitcoin. The company acknowledged the volatility surrounding cryptocurrency prices. GameStop said in its SEC filing that its strategy “has not been tested and may prove unsuccessful“.

尽管潜在的奖励可能是巨大的，但GameStop认识到投资比特币背后的风险。该公司承认围绕加密货币价格的波动性。 Gamestop在SEC申请中表示，其战略“尚未经过测试，可能证明没有成功”。

In December, Microsoft’s shareholders rejected a proposal related to cryptocurrency adoption, highlighting the uncertainties surrounding corporate investment in digital assets.

12月，微软的股东拒绝了一项与采用加密货币有关的提案，强调了围绕数字资产投资的不确定性。

Key Players in the GameStop Strategy

GameStop策略的主要参与者

Ryan Cohen, the co-founder of pet e-commerce site Chewy, purchased a stake in GameStop in 2020. It was just before the company became the poster child of the meme stock trading craze.

宠物电子商务网站Chewy的联合创始人瑞安·科恩（Ryan Cohen）于2020年购买了GameStop的股份。就在该公司成为Meme股票交易热潮的海报孩子之前。

Investors flocked into the stock, believing Cohen’s online retail expertise could modernize the company. GameStop announced crypto wallets for managing cryptocurrencies and NFTs in 2022. That service was discontinued in 2023, with the company saying “regulatory uncertainty” had led to the decision.

投资者蜂拥而至，认为科恩的在线零售专业知识可以使公司现代化。 GameStop宣布了Crypto钱包，用于在2022年管理加密货币和NFT。该服务在2023年停产，该公司表示“监管不确定性”导致了这一决定。

In December 2023, GameStop’s board approved a new investment framework. That policy gives Ryan and two independent directors the authority to oversee the company’s investment portfolio. All investing must be conducted under the guidelines set forth in that policy, unless the committee votes unanimously or the full board approves by majority vote.

2023年12月，GameStop的董事会批准了一个新的投资框架。该政策使瑞安（Ryan）和两名独立董事拥有监督公司投资组合的权力。所有投资必须根据该政策中规定的准则进行，除非委员会一致一致投票，否则全部董事会以多数票的投票批准。

Future for GameStop: Implications of the Bitcoin Investment

GameStop的未来：比特币投资的影响

For GameStop, embracing Bitcoin is a move that could change the company for the better. Whether this gamble will pay off remains to be seen. It could reinvigorate its business and usher in a new era of growth, or it could expose the company to greater risk and instability. It is a bet that has certainly piqued the interest of the financial world.

对于GameStop来说，拥抱比特币是可以更好地改变公司的举动。这场赌博是否会得到回报还有待观察。它可以重振其业务并引入增长的新时代，或者可能使公司面临更大的风险和不稳定。这是一个肯定激起了金融界利益的赌注。