GameStop’s board unanimously approved a $2 billion discretionary share repurchase program after the company reported record first quarter profitability.

The buyback authorization runs through June 2, 2029, and replaces a previous repurchase plan dating back to March 2019. The company said the program gives it the ability to buy back shares from time to time, but did not commit to a specific amount or timeline.

GameStop shares rose 8% in after hours trading after the announcement.

The company posted net income of $389.6 million, or 66 cents per share, compared with $44.8 million, or 9 cents per share, a year earlier. Revenue rose 14% to $835.3 million, helped by strength in collectibles.

GameStop ended the quarter with about $9.7 billion in cash, marketable securities, digital assets, receivables, and collateral. Of that amount, $8.4 billion was cash and cash equivalents.

The $2 billion authorization is large for a company that was fighting for survival just a few years ago. It also comes after GameStop completed an at the market equity offering that raised more than $2 billion in gross proceeds.

That makes the signal complicated. GameStop diluted shareholders to raise capital, and now it has authorization to return a similar amount through buybacks.

The program remains fully discretionary. Management did not say when it will repurchase shares, how much it will spend, or whether purchases will depend on the stock price, market conditions, or alternative uses of capital.

The buyback replaces a 2019 authorization from a completely different era of the company. Since then, GameStop has gone through the meme stock surge, major equity raises, store closures, leadership changes, and CEO Ryan Cohen’s effort to reshape the business.

The company also walked away from its earlier crypto push. GameStop shut down its NFT marketplace and Ethereum based wallet by early 2024, citing regulatory uncertainty.

Still, GameStop has not become a passive cash box. In May, the company submitted a non binding proposal to acquire eBay for $125 per share in cash and stock. Reuters reported that the offer valued eBay at roughly $56 billion, though eBay rejected the bid as neither credible nor attractive.