GameStop Considers Investing in Bitcoin, Sparking 7.5% Pre-market Surge
Shares of GameStop surged by 7.5% in pre-market trading after a CNBC report revealed that the company is exploring the possibility of investing in Bitcoin and other cryptocurrencies. The announcement, sourced from three anonymous insiders, immediately sparked enthusiasm among investors, reminiscent of the meme stock frenzy of 2021.
A Strategy Shrouded in the Shadow of Roaring Kitty
GameStop, a symbol of the individual investor revolution on WallStreetBets, appears to be expanding its horizons beyond the gaming sector. This move brings to mind the era of 2021 when stocks like GameStop and AMC, as well as cryptocurrencies like Dogecoin, experienced historic trading volumes. Behind this fervor, iconic figures like Keith Gill, also known as Roaring Kitty, galvanized a community of traders against the financial establishment.
Bitcoin at the Heart of Speculation for GameStop
The alleged interest of GameStop in Bitcoin was strengthened by an intriguing post on X (formerly Twitter): the company’s CEO, Ryan Cohen, shared a photo with Michael Saylor, Chairman of Strategy (formerly MicroStrategy) and a staunch Bitcoin advocate. This simple snapshot was enough to trigger rumors of a possible investment strategy by GameStop in the world of digital assets.
A Decision Yet to be Determined
However, according to CNBC, the GameStop management remains cautious. The company is still evaluating the relevance of investing in cryptocurrencies as part of its overall strategy. A source close to the matter revealed that the company may abandon the project if it does not align with its business objectives.
