Key points:
- GameStop shares rise ahead of bell
- Bitcoin to land on balance sheet?
- No official confirmation released
Are we seeing Strategy 2.0? The news broke after CEO Ryan Cohen met with the ultimate Bitcoin maxi Michael Saylor.
👀 GameStop Looking at Bitcoin
- GameStop stock
GME soared roughly 8% in pre-market trading Friday after rumors got out that the video game retailer is looking to get involved with some Bitcoin and crypto. Allegedly, GameStop is now exploring investing in Bitcoin and other crypto assets as a way to diversify its business. - The speculation dropped a few days after GameStop CEO Ryan Cohen met with the ultimate Bitcoin maxi, Strategy MSTR chair Michael Saylor.
⏳ Strategy 2.0 in the Making?
- If there’s a company that should be teaching GameStop how to go about Bitcoin, it’s Strategy (formerly MicroStrategy). Strategy is the biggest corporate holder (hoarder?) of Bitcoin with more than 478,000 pieces of the coin on its balance sheet. What could this look like for GameStop?
- GameStop could be a good corporate harbor for crypto for several reasons, the biggest one being, it’s the OG meme stock and every day trader on the planet is familiar with it (unless they live under a rock).
🤔 Path Forward Unclear
- Again, this could all be just speculation — no official confirmation has been made from GameStop. Even if it is looking for ways to get a piece of the crypto action, it could decide to go in a direction that’s different from traders’ expectations.
- But none of that matters right now as shares are enjoying the buying momentum from their most loyal supporters — the diamond hands who stay close come rain or shine.
