- GameStop is exploring Bitcoin and crypto investments, sending its stock up nearly 20% in after-hours trading.
- CEO Ryan Cohen sparked speculation after posting a photo with MicroStrategy’s Michael Saylor, though Saylor isn’t involved in GameStop’s crypto discussions.
- GameStop has a $4.6B cash reserve and a board-approved investment policy, potentially paving the way for Bitcoin purchases if the company moves forward.
GameStop (GME) is back in the headlines—this time, not as a meme stock, but as a potential crypto player.
According to three sources, the video game retailer is exploring investments in Bitcoin and other digital assets, sending GME shares soaring nearly 20% in after-hours trading.
Crypto & GameStop: A Real Move or Just Speculation?
Right now, nothing is set in stone. The company is still evaluating whether crypto investments align with its strategy, per one insider.
Adding fuel to the fire? CEO Ryan Cohen recently posted a photo with MicroStrategy’s Michael Saylor, the biggest corporate Bitcoin whale out there. But, sources clarify that Saylor isn’t involved in GameStop’s crypto talks.
This wouldn’t be GameStop’s first crypto experiment—it launched a crypto wallet in 2022, only to shut it down in 2023, citing regulatory uncertainty.
GameStop’s Cash Pile & Bitcoin Strategy Parallels
Under Cohen’s leadership, GameStop has focused on cutting costs, streamlining operations, and building a $4.6 billion cash reserve (as of November 2023).
If GameStop does jump into Bitcoin, it would follow in the footsteps of MicroStrategy (now rebranded as Strategy), which pivoted from software to becoming a Bitcoin holding giant. That move sent Strategy’s stock soaring, though with plenty of volatility.
Board-Approved Investment Policy Opens the Door
In December 2023, GameStop’s board approved a new investment policy, giving Cohen and a small group of board members authority over securities investments.
- Any Bitcoin purchases would need to follow strict guidelines or get board approval.
- If GME does go all-in on BTC, it could be a game-changing shift—or just another twist in its meme-stock saga.
For now? Investors are watching closely, waiting to see if GameStop actually makes the leap into crypto—or if this is just another round of hype.
