GameStop’s shares surged in extended trading on Thursday after a report that the video game retailer is considering investing in cryptocurrencies, including bitcoin. The company is weighing whether holding alternative asset classes like bitcoin could be beneficial for its business.
CEO Ryan Cohen, who joined the board in 2021 and became CEO in 2023, posted a photo with Strategy’s Michael Saylor, sparking speculation about GameStop’s crypto plans. However, CNBC reported that Saylor is not involved in GameStop’s deliberations on cryptocurrency investments.
Despite this, shares jumped over 10% in extended trading, with the stock nearly doubling in value over the past year. The news comes after a period of growth and interest in GameStop’s shares, particularly during the meme stock craze in early 2021.
Source: https://www.investopedia.com/gamestop-stock-pops-on-report-video-game-seller-is-considering-investing-in-bitcoin-11679783