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According to breaking information reported by CNBC, Gamestop is considering investing in Bitcoin and other cryptos.
Video game retailer GameStop is reportedly considering investing in Bitcoin and other cryptocurrencies, according to sources familiar with the matter.
GameStop is exploring alternative asset classes, three sources said, with a particular focus on cryptocurrencies, particularly Bitcoin. Following the news, GameStop’s shares rose as much as 20% in extended trading. However, the company has not yet made a final decision as it continues to evaluate whether such investments align with its long-term business strategy, the source said.
Over the weekend, GameStop CEO Ryan Cohen shared a photo on X (formerly Twitter) with Michael Saylor, co-founder and chairman of MicroStrategy, the largest institutional holder of Bitcoin. Despite speculation, two sources confirmed that Saylor is not currently involved in discussions about GameStop investing in the cryptocurrency.
GameStop has previously dabbled in the crypto space. The company launched crypto wallets in 2022 that allowed users to manage cryptocurrencies and non-fungible tokens (NFTs). However, it shut down the service in 2023, citing regulatory uncertainty.
*This is not investment advice.
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