GameStop, a global retailer that sells video games, gaming merchandise, and consumer electronics is reportedly considering investing in Bitcoin and other cryptocurrencies. Crypto experts and analysts believe that this move could attract other public companies into the crypto sphere. GameStop’s stock has risen more than 7% following this news. The company is exploring the possibilities of its entry into cryptocurrencies and Bitcoin in particular. The news of GameStop’s potential entry into the crypto arena came after CEO Ryan Cohen posted a photo on X with Michael Saylor, the largest corporate holder of Bitcoin.
GameStop; From Global Retailer to Crypto Investor
GameStop, one of the leading gaming merchandise retailer companies is on the verge of entering the world of cryptocurrencies. According to the mainstream news source, GameStop is currently exploring investments in alternative asset classes including cryptocurrencies and particularly in Bitcoin. The company is still figuring out whether this investment strategy is aligned with its business. The affinity and inclination of GameStop towards crypto is not a new thing, they previously launched a crypto wallet in 2022 with which users can manage their cryptos and digital assets. The wallet service had to stop in 2023 due to some regulatory uncertainty.
The news of GameStop’s potential association with cryptocurrencies spread with an official post of Ryan Cohen, the CEO of GameStop. Last weekend, Ryan posted a photo on his X (previously Twitter) with Michael Saylor, chairman and co-founder of MicroStrategy, the biggest corporate holder of Bitcoin. The rumors related to the BTC investment of GameStop have spread after the photo was posted and became a hot topic within the cryptocurrency community. The latest reports suggest that Saylor didn’t intervene and was not involved in GameStop’s discussion about their potential entry to the crypto investment. The news incited the overall performance of GameStop in the stock market by reportedly rising more than 7% in post-market trading yesterday.
Is GameStop following the Path of Microstrategy?
Microstrategy is a business intelligence platform that enables users to analyze data to make better business decisions. It is a company that has been making waves for its significant BTC investment strategy. MicroStrategy owns a significant amount of Bitcoin, they reportedly have around 40,000 BTC. The cryptocurrency community is expecting GameStop to follow in the footsteps of MicroStrategy and become an active participant and contributor to the BTC ecosystem. If GameStop starts investing in Bitcoin, it could become a Bitcoin proxy similar to the methods of Microstrategy.
GameStop has around $4.6 billion in liquid assets which was brought from the share sales during the stock booms. The money mentioned here would be enough to buy around 48,000 BTC at the current price. CNBC pundit Jim Crammer proposed this concept way back and tweeted his version. Jim Crammer tweeted that Ryan Cohen told the board to sell 10 million shares of Gamestop at $200 and mentioned that he was buying Bitcoin. He stated that Gamestop was now a Bitcoin store that also sold games, calling it the plan. He speculated that the CFO had said no to the Bitcoin plan, pondering possible names like Bitstop, Gamebit, and Gamecoin.
GameStop Jumps 10% After the News Associated with BTC Investment!
GameStop stock has spiked 10% as traders scooped up the shares following the speculations related to their entry into the Bitcoin realm. This trend will be a huge addition to the entire GameStop, but some of the closest personnel from the company stated that GameStop is still exploring the possibilities and nothing is final, they also added that any potential investment would require approval from the special committee or the entire board. Currently, there is no official confirmation or statement indicating the potential investment of GameStop in BTC, the Bitcoin community is eagerly waiting for the updates since the news is beneficial to Bitcoin and Gamestop at the same time.
