GameStop considers Bitcoin investment: GME rises

According to a message from CNBC, the video game store GameStop is considering investing in Bitcoin and other cryptocurrencies. Following this news, shares of GameStop rose significantly in after-hours trading. The stock price briefly peaked by more than 18 percent to $31.30, before falling back slightly. At the time of writing, the stock stands at $28.30.

GameStop was at the center of so-called "meme-stock" hype in 2021, when Keith Gill, better known as "Roaring Kitty," and the subreddit WallStreetBets caused a huge "short squeeze" on GME shares. The meme-inspired GME token on Solana also reacted to the potential crypto investment, rising 45 percent, followed by a pullback.

Speculation about a Bitcoin investment was further fueled by a photo of GameStop CEO Ryan Cohen with Bitcoin permabull Michael Saylor, who is known for trying to convince other publicly traded companies of his Bitcoin strategy. Still, it is uncertain whether GameStop will actually make this move, as the company is still assessing whether such a move would make business sense, according to CNBC.

That the strategy can be successful is evidenced by Metaplanet's rapid share growth. In April 2024, Metaplanet launched an ambitious Bitcoin strategy along the lines of Saylor's strategy (formerly known as MicroStrategy). It is already the fifteenth largest corporate holder of Bitcoin in Asia.