GameStop stock jumps as the videogame retailer makes its bitcoin move

By James RogersGameStop's board has approved an update to its investment policy to add bitcoin as a treasury reserve assetShares of GameStop Corp. rose more than 6% in extended trading Tuesday after the videogame retailer and original meme stock announced its eagerly-anticipated foray into bitcoin.In a short statement, GameStop (GME) said its board has unanimously approved an update to its investment policy to add bitcoin (BTCUSD) as a treasury reserve asset. The move was not completely out of the blue - bitcoin buzz has swirled around GameStop and its Chief Executive Ryan Cohen in recent weeks.Related: GameStop results on deck as bitcoin buzz continues to surround companyThe company also reported its fourth-quarter results late Tuesday. GameStop posted sales of $1.283 billion, down from $1.794 billion in the same period last year. The average estimate of two analysts surveyed by FactSet was $1.477 billion.GameStop earned $131.3 million, or 29 cents cents a share, in the quarter, up from $63.1 million, or 21 cents a share, in the same period last year, marking the company's third consecutive quarterly profit.Related: GameStop's stock dips after plan to sell some international operationsOn an adjusted basis, GameStop earned 30 cents a share, well above the FactSet estimates of 8 cents a share, also based on projections from two analysts.GameStop ended the quarter with cash, cash equivalents and marketable securities of $4.775 billion, up from $1.199 billion at the end of the same period last year.Related: Why GameStop might jump on board the bitcoin bandwagonThe company did not hold a conference call in conjunction with its earnings report.-James RogersThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.