GameStop Bitcoin Investment Under Consideration

2 mins mins

Key Points:

GME spiked nearly 20% in after-hours trading, reaching $31.30, amid speculation that the GameStop Bitcoin investment is being promoted.
While no decision has been made, rumours intensified after CEO Ryan Cohen was seen with Michael Saylor, a major Bitcoin advocate.

GME’s stock surged in after-hours trading following speculation that the GameStop Bitcoin investment is being considered.

GameStop Bitcoin Investment Announcement Sends Stock Price Up 20%

The video game retailer, which gained prominence as a meme stock, is reported to be considering cryptocurrency investments, though no final decision has been made, according to CNBC. Shares of GameStop briefly spiked nearly 20% to $31.30.

GameStop's stock price — GameStop’s stock price hits a session high after the announcement. *Source: Google Finance*

The speculation intensified after CEO Ryan Cohen posted a photo on X featuring Michael Saylor, the chairman of Strategy (formerly MicroStrategy), a company known for its substantial Bitcoin holdings.

pic.twitter.com/wlOwEGli6n
— Ryan Cohen (@ryancohen) February 8, 2025

GameStop has explored cryptocurrency-related ventures before. In 2022, the company launched crypto wallets to support digital assets and nonfungible tokens (NFTs), but regulatory concerns led to the service’s shutdown in 2023. It also introduced an NFT marketplace, which was later discontinued as part of a broader restructuring effort.

The gaming retailer has absorbed significant changes in recent years. Following a dramatic short squeeze in 2021 driven by retail investors, GameStop sought new business strategies, including a shift toward Web3 technologies. However, challenges persisted, leading to executive shakeups, including the departure of CEO Matthew Furlong in 2023.

Investor Interest Grows as GameStop Explores Digital Assets

Bitcoin’s recent volatility, influenced by geopolitical events, has not deterred long-term bullish sentiment, with analytics predicting higher valuations by year-end.

If GameStop Bitcoin investment gains momentum, the company will join other companies that have pivoted toward cryptocurrency as a core asset, like Strategy or Metaplanet.

Recently, Japanese firm Metaplanet confirmed that the company has completed raising $26 million (4 billion yen) in 0% unsecured conventional bonds to purchase more Bitcoin.

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