Surprise GameStop Rally: Is a Crypto Investment Driving the Hype?
Amid rumors that it is considering investing in alternative asset classes, such as cryptocurrencies, GameStop’s shares increased 18% in after-hours trading. This might include Bitcoin, according to a CNBC article from February 13 that cited three people with knowledge of the situation. GameStop might decide not to proceed with the investments, though. According to one source, the corporation is still discussing if it makes sense.
Since then, GameStop‘s stock has somewhat cooled, landing at $28.36 as of this writing, still representing a 7% after-hours gain. CoinGecko reports that GameStop (GME), a memecoin based in Solana that is unaffiliated with the business, also experienced a 45% increase to $0.0027 before reversing to $0.0025.
More Companies Are Buying Bitcoin: Will GameStop Follow Suit?
After CEO Ryan Cohen shared a picture of Strategy with co-founder and executive chairman Michael Saylor on X on February 7, some conjectured that GameStop was thinking about including cryptocurrency on its balance sheets. However, according to two sources who spoke to CNBC, Saylor has nothing to do with GameStop’s purported cryptocurrency acquisition plan.
On the other hand, it also happens at a time when more companies are following Strategy’s example and adding Bitcoin to their balance sheets. A recent example is the Japanese mobile gaming business Gumi, which bought $6.6 million (1 billion Japanese yen) worth of Bitcoin on February 10. Additionally, on February 12, Metaplanet also revealed that it had raised $26.1 million (4 billion Japanese yen) to purchase more Bitcoin.
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