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GameStop stocks surged in Thursday’s extension trading following reports that video game retailers are considering investing in cryptocurrencies such as Bitcoin.
Last weekend, Gamestop CEO Ryan Cohen posted a photo of himself along with strategy co-founder Michael Saylor, raising speculation about Gamestop’s crypto plan.
GameStop’s stock has almost doubled over the past year.
GameStop (GME) Shares surged in Thursday’s extension trading following reports that video game retailers are considering investing in cryptocurrencies such as Bitcoin (btcusd).
The company is pondering whether it owns Bitcoin or other alternative asset classes, CNBC reported Thursday, citing an unnamed source. GameStop did not respond immediately to requests for comment.
This report comes days after GameStop CEO Ryan Cohen posted a photo of himself with strategy co-founder Michael Saylor (MSTR), the largest corporate holder of Bitcoin, formerly known as MicroStrategy. CNBC reported that Saylor was not involved in GameStop’s deliberations on cryptocurrency investments, but the move raised speculation about GameStop’s cryptographic plan.
Cohen joined Gamestop’s board of directors in 2021 and became CEO of a video game retailer in 2023.Chwy) The co-founder had an interest in the company during the Meme Stock outbreak, which sent GameStop stock to record levels in early 2021.
GameStop shares exceeded 10% in extended trading on Thursday, following the news. Over the past year, stock prices have almost doubled.
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