Following term of the company’s ability attention in Bitcoin, the final meme stock is experiencing a new jolt of demand.
GameStop’s stock price spiked after days Thursday, rising from about$ 26 to a peak of nearly$ 31, following a report claiming that the video game store is considering investing in Bitcoin and other cryptocurrencies. Unknown sources close to the business are cited in the story.
GME finished the day trading for about$ 26.30, and is currently trading after hours for about$ 28.50.
reached up to GameStop for opinion on the report, but it never received a response.
The retailer’s entry into the Web3 market was marked by the release of an NFT platform and related crypto wallets. The company worked with industry partners including the gaming network Immutable to help the trading of blockchain in-game assets, profile pictures, and other digital collectibles.
But the company shut down its NFT platform in first 2024, citing “regulatory uncertainty”. Following the opening of President Donald Trump, who ran on a pro-crypto system and has pledged to support the industry in the United States, GameStop may be reconsidering its bitcoin interests if the report is accurate.
The move comes in response to Strategy ( previously MicroStrategy ), the software company with the largest corporate Bitcoin portfolio on the planet and assets worth more than$ 46 billion held in its treasury.
The strategy started hoarding the main cryptocurrency in 2020, and it was validated when Bitcoin for the first time in late 2024 rose above$ 100, 000. The business has continued to invest in Bitcoin, which has sparked a growing list of different businesses that are putting the “digital silver” on their balance sheets.
In fact, last year, GameStop CEO Ryan Cohen shared a picture of himself with MicroStrategy co-founder and CEO Michael Saylor, which fueled rumors back of Thursday’s new report on the subject.
Of course, GameStop has gained notoriety in recent years for being a top “meme stock,” with social media influencers and streamers ( like Keith” Roaring Kitty” Gill ) assisting in driving a sizable price increase for GME in 2021. Gill reemerged several times in 2024 to suddenly pump the price of the company’s shares, while has been mostly peaceful again in recent months.
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