CNBC released a report that GameStop is considering an investment in Bitcoin and other cryptocurrencies. The source of the report remains anonymous but claims to be aware of internal processes at GameStop. The nature of the investment remains unknown and could include buying Bitcoin as an asset or investing in blockchain technology.
The report comes just days after GameStop CEO Ryan Cohen posted a picture of himself next to Strategy founder and chairman Michael Saylor. Strategy has the largest Bitcoin holdings among corporate investors, having over 400,000 tokens. These tokens account for roughly 2% of all Bitcoin in circulation. In 2025, Strategy made four Bitcoin purchases, two of which were billion-dollar purchases. The meeting between Cohen and Saylor may suggest that GameStop is considering adding Bitcoin to its corporate treasuries.
GameStop CEO Ryan Cohen was brought into the company to modernize the business and address a rapidly changing demographic. His role, in part, has been to allocate recent gains to more long-term investments. GameStop underwent a lot of publicity when the stock price made large gains. The gaming market is constantly shifting and could benefit from adopting a crypto-friendly approach. Despite GameStop’s success in the stock market, there is still much more to be done with the underlying business. Ryan Cohen may also be considering various cost-cutting measures to set GameStop up for the future.
In December 2023, the GameStop board approved a new investment policy, allowing Cohen and two other board members to make investment decisions on behalf of the company. These decisions relate to securities investments and can be approved by a unanimous vote amongst the three team members or a majority vote of the entire board.
In February 2024, GameStop announced it would shut down its non-fungible token (NFT) project entirely. The project started in 2021 and planned to build an NFT blockchain over the Ethereum network. The NFT aimed to be the Amazon of gaming, possibly hinting at in-game transactions. A switch from Ethereum to Bitcoin may indicate a change in strategy from developing in-game blockchains to a focus on corporate treasury holdings instead. The rewards of holding Bitcoin, as Saylor is well known for, may indicate a new trend in corporate blockchains, with less focus on heavy web 3.0 technologies and more on lightweight portfolio holdings.
GameStop shares, as a result, bumped up 18% to over $30 during after-hours trading. The shares settled back down but remained at a high level.
Meanwhile, a Solana-based meme coin called GameStop (GME) jumped 45% to $0.0027 before settling back down. The meme coin has no official link to the company GameStop.
GameStop is notorious for skyrocketing its shares in 2021 when Wall Street Bets promoted the company online. One of the key investors, Keith Gill, described himself as still a true believer in the company in mid-2024. Keith Gill has reportedly added to his investment in the company.
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