- GameStop’s stock surged 18% after rumors surfaced that the company may add Bitcoin to its balance sheet.
- Ryan Cohen’s recent photo with Michael Saylor sparks speculation about GameStop’s renewed interest in crypto.
GameStop’s stock has made a significant 18% growth following the news that the company might add Bitcoin to its balance sheet. The company has not yet confirmed the move officially, but the sources are now exploring the possibility of this strategic decision.
On February 13, 2025, GameStop’s stock climbed from $26.30 to $31.30 in after-hours trading. This rise was mainly driven by a social media post of GameStop CEO Ryan Cohen with Michael Saylor, the Bitcoin advocate and co-founder of MicroStrategy, that led to speculation of the company considering Bitcoin investments.
— Ryan Cohen (@ryancohen) February 8, 2025
MicroStrategy has been aggressively accumulating Bitcoin since 2020 and currently holds 478,740 BTC, worth nearly $47 billion. This investment strategy has been adopted by other corporate organizations, and many believe GameStop might follow MicroStrategy’s lead. However, GameStop has not made any public statements about purchasing BTC. Shortly after the news, Bitcoin’s price climbed to $96,700. GameStop’s stock later settled at $28.50, still reflecting a 7% gain.
GameStop’s Crypto History and Future Plans
GameStop has a previous history with crypto ventures when it launched a crypto wallet and an NFT marketplace. Although both were shut down during 2023, largely because of its failure to meet regulatory demands. This has raised enough questions in the space about GameStop’s interest and decisions to reinvest in crypto again.
Ignoring previous setbacks, the market seems ripe for a fresh attempt and renewed investment decision. Companies like Strategy MicroStrategy, now “Strategy,” and Japanese mobile gaming firm Gumi have already made substantial Bitcoin purchases in recent years. In a recent announcement, the Gumi board of directors purchased $6.58 billion worth of Bitcoin.
GameStop is well positioned to follow suit in the act of institutional adoption of Bitcoin and other cryptocurrencies, considering the company’s over $4.6 billion in cash reserves.
However, cryptocurrency investment is regarded as a risky one, owing to its volatile nature but the regulatory environment and its growing demand make it a strategic investment. With Trump’s pro-crypto-led administration and recent executive order, corporate adopters, and states are demanding Bitcoin as part of the state’s treasury; it seems the world is ready for crypto.
The Bigger Picture
GameStop’s potential Bitcoin investment comes as more companies recognize the benefits of holding digital assets. MicroStrategy remains the largest corporate Bitcoin holder with over $47 billion in BTC. This strategy has helped the company against inflation and capitalize on Bitcoin’s volatility.
Notably, GameStop CEO Ryan Cohen’s recent social media post featuring Michael Saylor, the chairman of Strategy, raised concerns about Saylor’s influence in this new development.
If GameStop moves further with its long-term crypto investment plan, this could signal a new direction for the company.
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