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GameStop is reportedly considering investing in Bitcoin and other cryptocurrencies, inspiring excitement in the market.
According to CNBC, three sources revealed that the video game seller is exploring alternative asset classes, focusing on crypto and Bitcoin.
News of GameStop's interest in crypto sent its stock price up as high as 20% in after-hours trading.
However, GameStop has yet to make a decision on whether to proceed with crypto investments and is still evaluating whether such a move aligns with its broader business strategy.
Adding to the speculation, GameStop CEO Ryan Cohen recently posted a photo on social media platform X featuring himself alongside Michael Saylor, co-founder and chairman of MicroStrategy, the largest corporate holder of Bitcoin.
— Ryan Cohen (@ryancohen) February 8, 2025
Earlier this month, MicroStrategy officially rebranded to Strategy, reflecting its deepened commitment to Bitcoin and artificial intelligence.
The company unveiled a new logo featuring a stylized “B,” emphasizing its Bitcoin strategy, alongside a brand color shift to orange, a nod to the cryptocurrency’s signature hue.
The rebrand follows an aggressive expansion of Strategy’s Bitcoin holdings. The company disclosed that it acquired 218,887 BTC in the fourth quarter, spending $20.5 billion.
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However, two sources stated that Saylor is not directly involved in GameStop’s internal discussions regarding crypto investments.
Should GameStop proceed with the anticipated investments, it would not be the firm's first foray into crypto. In 2022, the retailer launched a crypto wallet service that enabled users to manage cryptocurrencies and non-fungible tokens (NFTs).
The services ultimately shut down less than two years later, citing regulatory uncertainty.
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However, the company shut down the service in 2023, citing "regulatory uncertainty," highlighting the challenges of integrating crypto into its business model.
