GameStop Considers Bitcoin Investment After CEO’s Meeting with Michael Saylor
GameStop is reportedly weighing the possibility of adding Bitcoin and other cryptocurrencies to its holdings, just days after CEO Ryan Cohen met with MicroStrategy’s Michael Saylor.
According to sources cited by CNBC, the company is considering digital asset investments but has not yet reached a final decision.
Despite sitting on $4.6 billion in cash at the end of Q3 2024, GameStop has been struggling with declining sales, particularly in hardware and software.
The shift toward digital game downloads has further pressured its traditional retail model. Analysts suggest that embracing Bitcoin could give GameStop a new strategic direction, potentially transforming it into a “Bitcoin Consumer Bank” and enhancing shareholder value.
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GameStop’s stock surged by 20% following reports of its crypto interest. While Saylor himself is not involved in the company’s internal discussions, the speculation alone has driven market excitement.
The retailer has experimented with crypto before, launching an NFT marketplace in 2022, only to scale back due to regulatory challenges. In late 2023, it also shut down its crypto wallet service. However, a revised investment policy approved in January granted CEO Ryan Cohen and his team more flexibility in allocating company funds beyond traditional investments.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
