GameStop is considering investing in bitcoin and other cryptocurrencies, according to sources familiar with the matter. The video game retailer’s shares surged 20% in extended trading after news of potential crypto investments emerged.
CEO Ryan Cohen’s photo with MicroStrategy co-founder Michael Saylor on social media last weekend sparked speculation about GameStop’s interest in crypto. However, Saylor is not involved in GameStop’s discussion about crypto investments at this time.
GameStop previously launched a crypto wallet service in 2022 but shut it down in 2023 due to regulatory uncertainty. The company has amassed a $4.6 billion cash pile and will use these funds for strategic investments, including potentially adding bitcoin to its balance sheet.
The move would follow MicroStrategy’s example, which has transformed from a software stock into a bitcoin holding vehicle by buying billions of dollars worth of the digital currency. GameStop’s new “investment policy” approved in December 2023 allows Cohen and other staff to manage the company’s portfolio of investments, conforming to guidelines set by the policy or requiring unanimous board approval.
Source: https://www.cnbc.com/2025/02/13/gamestop-is-considering-investing-in-bitcoin-and-other-cryptocurrencies-sources-say.html