GameStop Stock Soars on Rumors of Bitcoin and Crypto Investments
GameStop shares jumped as much as 20% in after-hours trading following reports that the video game retailer and meme stock icon is exploring investments in Bitcoin and other cryptocurrencies. The rally, which later settled at a 7% gain, comes after CEO Ryan Cohen shared a cryptic social media post featuring MicroStrategy chairman Michael Saylor—sparking speculation about GameStop’s crypto ambitions.
GameStop’s Crypto Plans: What We Know So Far
According to a CNBC report, GameStop is considering diversifying into digital assets but has not yet made a final decision. The company is still evaluating whether crypto investments align with its broader business strategy. While Michael Saylor’s involvement remains unclear, his firm, MicroStrategy, is known for holding the largest corporate Bitcoin reserves.
GameStop has dabbled in crypto before, launching an NFT marketplace and digital wallets in 2022, only to shut them down due to regulatory uncertainty by 2024. If the retailer moves forward with Bitcoin investments, it could follow a path similar to MicroStrategy, which saw significant stock growth after pivoting to Bitcoin holdings.
GameStop’s Wild Ride Under Ryan Cohen
GameStop became a meme stock sensation in 2021 after retail traders on Reddit’s WallStreetBets triggered a historic short squeeze, sending its stock price skyrocketing and toppling hedge fund Melvin Capital.
Since then, Cohen, the Chewy co-founder who took over in 2021, has focused on cost-cutting and streamlining operations to keep the company profitable. GameStop currently holds $4.6 billion in cash reserves and has adopted a new investment policy allowing Cohen and two independent board members to manage securities investments.
What’s Next?
If GameStop proceeds with Bitcoin or crypto investments, it could mark a bold new chapter for the struggling retailer, potentially reigniting investor interest. However, regulatory risks and market volatility remain key concerns.
For now, the stock remains highly speculative—but as history has shown, GameStop thrives on hype. Will this be the next big meme stock rally? Stay tuned!
GameStop shares jumped as much as 20% in after-hours trading following reports that the video game retailer and meme stock icon is exploring investments in Bitcoin and other cryptocurrencies. The rally, which later settled at a 7% gain, comes after CEO Ryan Cohen shared a cryptic social media post featuring MicroStrategy chairman Michael Saylor—sparking speculation about GameStop’s crypto ambitions.
GameStop’s Crypto Plans: What We Know So Far
According to a CNBC report, GameStop is considering diversifying into digital assets but has not yet made a final decision. The company is still evaluating whether crypto investments align with its broader business strategy. While Michael Saylor’s involvement remains unclear, his firm, MicroStrategy, is known for holding the largest corporate Bitcoin reserves.
GameStop has dabbled in crypto before, launching an NFT marketplace and digital wallets in 2022, only to shut them down due to regulatory uncertainty by 2024. If the retailer moves forward with Bitcoin investments, it could follow a path similar to MicroStrategy, which saw significant stock growth after pivoting to Bitcoin holdings.
GameStop’s Wild Ride Under Ryan Cohen
GameStop became a meme stock sensation in 2021 after retail traders on Reddit’s WallStreetBets triggered a historic short squeeze, sending its stock price skyrocketing and toppling hedge fund Melvin Capital.
Since then, Cohen, the Chewy co-founder who took over in 2021, has focused on cost-cutting and streamlining operations to keep the company profitable. GameStop currently holds $4.6 billion in cash reserves and has adopted a new investment policy allowing Cohen and two independent board members to manage securities investments.
What’s Next?
If GameStop proceeds with Bitcoin or crypto investments, it could mark a bold new chapter for the struggling retailer, potentially reigniting investor interest. However, regulatory risks and market volatility remain key concerns.
For now, the stock remains highly speculative—but as history has shown, GameStop thrives on hype. Will this be the next big meme stock rally? Stay tuned!
