Key Takeaways
- GameStop shares surged in extended trading Thursday following a report the video game retailer is considering investing in cryptocurrencies such as bitcoin.
- Last weekend, GameStop CEO Ryan Cohen had posted a photo of himself with Strategy cofounder Michael Saylor, raising speculation about GameStop’s crypto plans.
- GameStop shares have nearly doubled in value over the past year.
GameStop (GME) shares surged in extended trading Thursday following a report the video game retailer is considering investing in cryptocurrencies such as bitcoin (BTCUSD).
The company is mulling whether holding bitcoin or other alternative asset classes could make sense for its business, CNBC reported Thursday, citing unnamed sources. GameStop did not immediately respond to a request for comment.
The report comes just days after GameStop CEO Ryan Cohen posted a picture of himself with Michael Saylor, cofounder of Strategy (MSTR), the largest corporate holder of bitcoin formerly known as MicroStrategy. The move had raised speculation about GameStop’s crypto plans, though CNBC reported Saylor is not involved in GameStop’s deliberations around cryptocurrency investments.
Cohen joined GameStop’s board in 2021 and became CEO of the video game retailer in 2023, after the Chewy (CHWY) cofounder took an interest in the company during the meme stock craze that sent GameStop shares to record levels in early 2021.
Shares of GameStop jumped over 10% in extended trading Thursday following the news. The stock has nearly doubled in value over the past year.
