February 14, 2025
No Final Decision Yet
The news caused GameStop’s stock to surge by up to 20% in after-hours trading, though no final decision has been made. The company is still evaluating whether Bitcoin fits with its financial strategy.
CEO Ryan Cohen sparked speculation over the weekend by posting a photo with MicroStrategy’s Michael Saylor, the largest corporate Bitcoin holder. However, sources confirmed Saylor is not involved in GameStop’s crypto talks.
A Growing List
This wouldn’t be GameStop’s first crypto venture. In 2022, it launched a crypto wallet for Bitcoin, Ethereum (ETH), and NFTs, but discontinued it in 2023 due to regulatory uncertainty.
Cohen has focused on cost-cutting and operational efficiency since taking the helm in 2021, with the company holding a $4.6 billion cash reserve as of November 2022. Bitcoin is now being considered as an investment.
If GameStop follows through, it will join a growing list of companies adopting Bitcoin as a corporate asset. MicroStrategy, the largest Bitcoin holder among corporations, has seen its stock surge by 400% as a result. Other companies like OneMedNet and KULR have also made similar moves, using Bitcoin to bolster their financial strategies.
