GameStop considers investing in Bitcoin and other cryptocurrencies

PANews reported on February 14th, according to CNBC, that game retailer GameStop is exploring the possibility of investing in Bitcoin (BTC) and other cryptocurrencies. Sources say the company is evaluating whether this investment strategy suits its business. Influenced by this news, GameStop's stock price rose by 20% in after-hours trading. However, the company has not yet made a final decision on whether to execute this plan.

Over the weekend, GameStop CEO Ryan Cohen posted a photo with MicroStrategy co-founder Michael Saylor on platform X. Although Saylor did not participate in GameStop's crypto investment discussions, MicroStrategy has purchased billions of dollars worth of BTC in recent years and has become a major corporate holder.

GameStop launched a cryptocurrency wallet service in 2022 but shut it down due to regulatory uncertainty in 2023. Currently, the company holds $4.6 billion cash reserves and approved a new investment policy at the end of 2023 allowing management to invest in securities assets that meet guidelines.