GameStop has adopted bitcoin as a treasury reserve asset, a move unanimously approved by its board.

The company plans to use a portion of its cash or future debt and equity issuances for the investment but did not disclose the maximum amount allocated.

This decision follows an executive order by US President Donald Trump to establish a strategic reserve of cryptocurrencies using government-held tokens.

In its financial update, GameStop reported a rise in fourth-quarter net income to US$131.3 million, up from US$63.1 million last year.

The increase was driven by cost reductions and stronger performance in videogame hardware and merchandise sales. Following the announcement, GameStop shares rose 6.2% in extended trading.