The ultimate meme stock is getting a fresh jolt of demand following word of the company's potential interest in Bitcoin.
GameStop's stock price spiked after hours Thursday, rising from about $26 to a peak of nearly $31, following a CNBC report claiming that the video game retailer is considering investing in Bitcoin and other cryptocurrencies. The story cites unnamed sources close to the company.
GME finished the trading day at about $26.30, and is currently trading after hours for about $28.50.
The Rise and Fall of GameStop's NFT Marketplace
GameStop has given up on NFTs. Less than three years after first hinting at its interest in NFTs, GameStop has ditched its NFT marketplace. As announced in January, the platform is no longer functional for buying and selling assets as of February 2, though it is still viewable online. The game retailer, which began as a U.S.-based brick-and-mortar operation back in 1984, has recently struggled to maintain a profitable business. GameStop was profitable for the first time in years in late 2022, bu...
Decrypt reached out to GameStop for comment on the report but did not immediately receive a response.
The retailer previously took a strong step into the Web3 world with the launch of an NFT marketplace and associated crypto wallet. The firm aligned with gaming network Immutable and other industry partners, with plans to support the trading of tokenized in-game assets, along with profile pictures and other digital collectibles.
But the company shut down its NFT marketplace in early 2024, citing "regulatory uncertainty." If the CNBC report is accurate, then GameStop may be reconsidering its crypto pursuits following the inauguration of President Donald Trump, who ran on a pro-crypto platform and has pledged to help the industry in the United States.
Michael Saylor's Strategy Hits Bitcoin Buy Button After a Breather
Software company Strategy, formerly MicroStrategy, resumed its Bitcoin buying last week after taking a breather following a 12 week, $20 billion shopping spree. The company, which trades on the Nasdaq under the ticker MSTR, said Monday that it had spent another $742.4 million buying 7,633 orange coins between February 3 and February 9. Strategy had been so consistent buying BTC for 12 weeks straight that it drew some attention when, the last week of January, the company didn’t buy any of the wor...
The move also comes following the rise of Strategy (formerly MicroStrategy), the software firm with the largest corporate Bitcoin portfolio on the planet, with over $46 billion worth held within its treasury.
Strategy started hoarding the leading cryptocurrency in 2020, and was vindicated as Bitcoin soared above $100,000 for the first time in late 2024. The firm has continued to buy Bitcoin, and has inspired a growing list of other companies that are putting the "digital gold" on their balance sheets.
— Ryan Cohen (@ryancohen) February 8, 2025
In fact, GameStop CEO Ryan Cohen posted a photo of himself with MicroStrategy co-founder and Executive Chairman Michael Saylor last week, fueling rumors ahead of Thursday's new report on the matter.
Of course, GameStop is best known in recent years for being a leading "meme stock," with social media influencers and streamers (such as Keith "Roaring Kitty" Gill) helping to drive a massive price surge for GME in 2021. Gill reemerged multiple times in 2024 to again pump the price of the retailer's shares, though has been mostly quiet again in recent months.
