Key Point 👉
- GameStop is exploring investments in alternative asset classes, including crypto and bitcoin in particular, three sources said.
- The company is still in the process of figuring out if this makes sense for GameStop’s business, according to one source.
- Last weekend, CEO Ryan Cohen posted a photo on social media site X with Michael Saylor, co-founder and chairman of MicroStrategy, the largest corporate holder of bitcoin.
GameStop, the video game retailer known for its transformation into a meme stock, is considering investing in Bitcoin and other cryptocurrencies, according to sources familiar with the matter.
The company is reportedly evaluating whether such an investment aligns with its business strategy. Following the news, GameStop’s stock surged by as much as 20% in after-hours trading. However, sources indicate that the company has yet to make a final decision on whether to proceed with crypto investments.
Last weekend, GameStop CEO Ryan Cohen fueled speculation by posting a social media photo with Michael Saylor, co-founder of MicroStrategy—the largest corporate holder of Bitcoin. However, sources clarified that Saylor is not directly involved in GameStop’s crypto discussions.
GameStop has dabbled in digital assets before. In 2022, it launched a crypto wallet service that allowed users to manage cryptocurrencies and NFTs. However, the company shut down the service in 2023, citing regulatory uncertainty.
Since Cohen’s involvement with GameStop, the retailer has focused on cost-cutting and operational efficiency rather than aggressive growth. As of November 2024, the company had accumulated $4.6 billion in cash reserves, which it has been using for strategic investments.
If GameStop proceeds with adding Bitcoin to its balance sheet, it would follow in the footsteps of MicroStrategy, which has pivoted into a Bitcoin-focused investment vehicle.
In December 2023, GameStop’s board approved a new investment policy allowing Cohen and a select group of board members to manage the company’s securities portfolio. Any crypto-related investment would require approval by this committee or the full board.
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