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GameStop ( GME ) shares were up around 14% Wednesday, a day after the retailer released fourth-quarter results and announced the addition of Bitcoin ( BTCUSD ) to its corporate investment policy.

The confirmation that Bitcoin will be part of GameStop's strategy followed a report last month that the retailer may be considering investing in the cryptocurrency. A picture posted to GameStop CEO Ryan Cohen's social media—also last month—of himself with Michael Saylor, the co-founder of Strategy ( MSTR ), also sparked speculation as Strategy is the largest corporate holder of Bitcoin.

GameStop shares were up around 14% Wednesday morning, putting them up nearly 90% over the last 12 months.

"We presume this means that the company intends to invest in Bitcoin," Wedbush analysts said in a note following the announcement.

Wedbush Says GameStop's Operations 'Have Some Value,' But Still Expect Shares to Fall

The analysts lifted their price target to $11.50 from $10 with an "underperform" rating, still expecting shares to lose well over half their value. They said that GameStop has proved them wrong by approaching breaking even on an operating basis, recording an operating loss under $10 million in each of the last two fiscal years.

GameStop reported declining revenue in the fourth quarter, while profits rose year-over-year as the retailer has closed stores and looked to cut costs.

"While it is arguable that the Q4 results are not sustainable, we did not expect GameStop to even approach operating breakeven ever again. We were wrong, and it is clear that the company’s operations have some value, albeit not as great as its share price suggests," the analysts wrote.

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