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Gamestop sets its sights on Bitcoin considering investing
By Daniele Corno
Rumors about GameStop: the company could invest in Bitcoin and the market reacts, recalling the WallStreetBets case of 2021
GameStop and Bitcoin: time for a new frontier?
According to CNBC sources, GameStop (GME) is exploring investments in alternative assets, including Bitcoin and other cryptocurrencies.
Interest intensified after CEO Ryan Cohen posted a photo with Michael Saylor, founder of Strategy ₿, formerly Microstrategy, the company with the largest corporate holding of Bitcoin (over 478,000 BTC).
— Ryan Cohen (@ryancohen) February 8, 2025
With $4.6 billion in cash and liabilities of less than $1.5 billion, GameStop may have the resources necessary for a major entry into the crypto sector.
However, according to internal sources, the company is still evaluating whether this move is compatible with its long-term strategy.
The legacy of the 2021 short squeeze
GameStop has already been the protagonist of an unprecedented financial event. In January 2021, the GME stock was at the center of an epic short squeeze orchestrated by the subreddit WallStreetBets, which forced hedge funds to liquidate their positions, causing the share price to skyrocket.
The rally caused the price to skyrocket by 2,220% in a single month. The price exploded from $5 to a maximum of around $120.
This event marked a turning point in the relationship between retail investors and the financial markets, demonstrating the power of online communities.
After rumors of investments in Bitcoin, GME stock rose 10.6% in after-hours trading, while Bitcoin tentatively recovered to $97,000.
If GameStop decides to officially enter the crypto sector, it could pave the way for other retail companies ready to explore the sector.
