GameStop is considering Bitcoin and crypto investments, sending stock 20% higher, with CEO Ryan Cohen leading digital expansion and monetary shifts.
GameStop is said to be entering crypto and Bitcoin on a large scale. This has made investors wait for it. The video game retailer has been rumored to be keen on investing in Bitcoin and other cryptocurrencies as it seeks to venture into new areas of growth. While nothing has been disclosed, the company is taking its time, weighing the pros and cons of venturing into blockchain investment.
As news of the change hit the stands, GameStop stock jumped 20% after-hours, basking in the excitement this new revolution has to offer. GameStop CEO Ryan Cohen has been too busy driving GameStop out of its bricks-and-mortar retail roots, towards online expansion and smarter investing.His recent meeting with MicroStrategy’s Michael Saylor—Bitcoin’s most vocal proponents—only fueled the speculation.
GameStop is no new kid on the crypto block. It initially brought out a crypto wallet about 3 years ago to support NFTs and shut it up about 2 years ago due to regulatory issues. Now, sitting on $4.6 billion in cash in the bank, the company is looking for alternative investment options.
If GameStop follows through, it could join companies like MicroStrategy in betting big on Bitcoin. A board-approved investment policy from December about 2 years ago gives Cohen the power to lead the charge, ensuring every move aligns with GameStop’s financial future.
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