GameStop is reportedly considering investing in Bitcoin and other cryptocurrencies, sparking excitement in the market.
According to CNBC, three sources revealed that GameStop is exploring alternative assets, particularly crypto and Bitcoin.
This news caused GameStop’s stock price to rise by as much as 20% in after-hours trading. However, the company has not yet decided whether to go forward with these crypto investments and is still evaluating whether it fits with their overall business strategy.
Adding fuel to the speculation, GameStop CEO Ryan Cohen recently shared a photo on social media (X) with Michael Saylor, co-founder of MicroStrategy, the biggest corporate holder of Bitcoin. Earlier this month, MicroStrategy rebranded to “Strategy” to emphasize its commitment to Bitcoin and artificial intelligence. The company also revealed a new logo featuring a stylized "B" and shifted its brand color to orange, reflecting Bitcoin’s signature color.
The rebrand follows an aggressive increase in Bitcoin holdings, with Strategy acquiring 218,887 BTC in the fourth quarter, spending $20.5 billion. However, two sources confirmed that Saylor is not directly involved in GameStop’s crypto investment discussions.
If GameStop moves forward with its crypto plans, it wouldn’t be their first attempt. In 2022, they launched a crypto wallet service for managing cryptocurrencies and NFTs, but shut it down in 2023 due to "regulatory uncertainty," highlighting the challenges of integrating crypto into their business.
