GameStop (GME) rose about 10% after opening hours on Thursday after CNBC reported that video game retailers were investigating investments in cryptocurrencies, including Bitcoin (BTC-USD).
CNBC is still investigating options, specifying that the company may not follow the investment. After the bell, inventory jumped 20%, then returned some profits.
A social media post from GameStop CEO Ryan Cohen over the weekend sparked speculation about GameStop’s interest in Candocurrency. Cohen posted a photo to X with strategy CEO Michael Saylor early Sunday morning. Saylor has become famous for Bitcoin, formerly known as MicroStrategy, as he now holds over 447,000 bitcoins.
The strategy, which announced the change in the company’s name in its release on February 5th, was called “the world’s first and largest Bitcoin finance company.” Strategic stocks have grown by around 370% over the past year as they continue to buy Bitcoin at almost 100% meetings in cryptocurrency in the same time frame.
Sherwood’s Luke Kawa said GameStop shares could bet following Cohen’s tweet, followed by Rowes Rowes Rowes Rowes and GameStop will follow the strategy’s Bitcoin purchasing model.
“A warm market response to Cohen’s tweet suggests that traders hope Cohen will use GameStop’s $4.6 billion cash and some of its cash-like securities to acquire pages from Saylor’s Playbook (That playbook has one rule: Buy Bitcoin).
In December 2023, GameStop’s board of directors gave Cohen the authority to use the company’s capital to invest, and video game operators could be seen as Holding Company, similar to the Daily Journal (DJCO) or Berkshire Hathaway (DJCO). We will hold ways to use cash (BRK-B, BRK-A).
Since hitting a high of $64 per share in May 2024 amid Meme Stock Trade Revival, GameStop shares have been sluggish since then, falling to around 15% over the past month. The company has not yet reported fourth quarter revenue.
Josh Schafer is a Yahoo Finance reporter. x Follow him at @_joshschafer.
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