GameStop (GME) is reportedly exploring investments in Bitcoin (BTC) and other cryptocurrencies, marking a potential shift toward alternative assets. According to a CNBC report citing three sources, the video game retailer is evaluating ways to diversify its holdings, possibly following in the footsteps of companies like MicroStrategy (now Strategy), which holds over 400,000 BTC in its corporate treasury.
Why Bitcoin?
The speculation gained traction after GameStop CEO Ryan Cohen shared a photo of himself with Michael Saylor, Executive Chairman of Strategy, a known Bitcoin advocate. While there’s no official confirmation from GameStop regarding its crypto investment plans, the company has a strong financial position, with $4.6 billion in cash reserves and total liabilities under $1.5 billion. This gives it the flexibility to allocate capital toward alternative assets like Bitcoin.
Market Reaction: GME and Bitcoin Surge
- GameStop shares jumped 11.3% in after-hours trading following the news, signaling investor enthusiasm over the possibility of a Bitcoin investment.
- Bitcoin also saw a slight boost, climbing to $96,700 as markets reacted to the potential for increased corporate adoption.
GameStop’s Crypto History & What Comes Next
This wouldn’t be GameStop’s first foray into the crypto space. The company previously launched crypto wallets and an NFT marketplace in 2022 but later scaled back those efforts due to regulatory uncertainties.
If GameStop proceeds with a Bitcoin investment, it could signal a renewed commitment to digital assets—possibly as a hedge against inflation or as a strategic move to modernize its financial portfolio.
For now, investors are watching closely to see if GameStop follows through with its crypto ambitions or if this remains another speculative rumor in the ever-evolving world of corporate Bitcoin adoption.
