GameStop’s stock price surged 10% to $28.97 on Friday morning after CNBC reported that the company is considering investing in bitcoin and other cryptocurrencies using its $4.6 billion cash pile. The news follows speculation driven by a social media post between GameStop CEO Ryan Cohen and Michael Saylor, chairman of Strategy.
Saylor has been pushing for companies to buy more bitcoin, citing its potential as a digital asset. This move would align with a trend of corporations adding bitcoin to their balance sheets. About 75 publicly traded companies hold bitcoin on their balance sheets, with a combined value of over $55 billion.
GameStop previously launched a crypto wallet service in 2022 but shut it down after a year. If the company decides to add cryptocurrency to its balance sheet, it would continue this trend. However, GameStop did not immediately respond to a request for comment on the matter.
Source: https://markets.businessinsider.com/news/stocks/gamestop-stock-price-jumps-bitcoin-crypto-michael-saylor-gme-btc-2025-2