American video game retailer GameStop is exploring the possibility of investing in bitcoin and other crypto assets. According to sources familiar with the situation, the company is paying special attention to alternative assets in search of new areas for growth. It is not yet known officially whether the company will implement this plan.
However, after the news broke, GameStop shares rose 20% in over-the-counter trading. Additional excitement was caused by the appearance of the company’s CEO Ryan Cohen in a photo with Michael Saylor, co-founder of MicroStrategy (now Strategy)which is the largest corporate owner of bitcoin. However, according to sources, Sailor is not involved in the discussion of GameStop’s crypto investments.
pic.twitter.com/wlOwEGli6n
— Ryan Cohen (@ryancohen) February 8, 2025
GameStop already had experience in the crypto sphere: in 2022, the company launched crypto wallets for digital asset management and NFTs, but in 2023, it shut down the service due to regulatory restrictions.
As of November 2023, the company has accumulated $4.6 billion in cash reserves, which allows it to consider new investment opportunities. If GameStop decides to buy bitcoin, it will join the list of corporations, such as Strategy, that have invested heavily in this asset.
In December 2023, GameStop’s board of directors approved a new «investment policy», which gave Cohen and elected board members the authority to manage the company’s investments. Each investment decision must be consistent with GameStop’s financial goals and approved by the steering committee or a majority vote of the board of directors.
Source: CNBC