GameStop, the video game retailer that gained attention as a meme stock, is evaluating potential investments in Bitcoin and other crypto.
According to sources familiar with the matter, the company is considering alternative asset classes to seek new business strategies. CNBC highlighted that shares of GameStop surged by as much as 20% in extended trading following the news.
However, the retailer has not made a final decision and is still assessing whether these investments align with its long-term plans.
GameStop’s Previous Crypto Efforts
GameStop previously ventured into the crypto space by launching digital wallets in 2022. These wallets enabled users to store and manage crypto and non-fungible tokens (NFTs).
However, in 2023, the company discontinued the service, citing regulatory uncertainty. Despite that move, the retailer appears to be reassessing its approach to the digital asset market.
The renewed speculation about GameStop’s potential involvement in Bitcoin followed a recent social media post by CEO Ryan Cohen. Over the weekend, Cohen shared an image with MicroStrategy’s Strategy Chairman, Michael Saylor.
MicroStrategy is well known for its Bitcoin acquisition strategy, having raised billions of dollars through stock and convertible bond sales to buy more Bitcoin.
GameStop’s Market Challenges
GameStop has faced challenges in adapting to shifts in consumer spending habits. Investors have been closely watching the company’s attempts to modernize its retail strategy, especially since Ryan Cohen joined the board in 2021.
Cohen, who co-founded Chewy, became a key figure in efforts to reshape GameStop’s business approach.
Meanwhile, GameStop remains a focal point in discussions about meme stocks, a trend that saw heightened retail investor activity in 2021. During that period, traders associated with the subreddit WallStreetBets helped drive significant volatility in stocks such as GameStop and AMC alongside cryptocurrencies like Dogecoin.
Another key figure in the movement, Keith Gill—also known as “Roaring Kitty”—was widely recognized for his role in the trading frenzy.
As GameStop evaluates its position on crypto investments, Bitcoin’s market activity remains under watch. The price of Bitcoin is currently $96,761.33, reflecting a 0.75% increase over the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
