GameStop Reportedly Considers Investing in Bitcoin and Crypto

Key Points

• Yesterday, GME price spiked by around 40% in a short amount of time.
• GameStop reportedly announced that it is considering investing in Bitcoin and other crypto.

The GmeStop (GME) digital asset recorded a significant price spike on February 13, as the GameStop company revealed that it’s considering investing in Bitcoin and other digital assets, according to CNBC sources.

GME Price Is Up by 35% Today

At the moment of writing this article, GME is up by around 35%, having a market cap of $17.2 million. Yesterday, the coin recorded a significant price spike of around 40%, seeing its market cap surge from $16 million to almost $19 million today.

Currently, GME’s market cap stabilized around $17 million following the earlier price spike.

The GME coin is inspired by the events related to the GameStop saga in 2021. Back in January 2021, a short squeeze of the stock of the American video game retailer took place triggering major consequences.

Yesterday’s GME price spike came as the GameStop company reportedly revealed its intentions to invest in Bitcoin and other digital assets.

GameStop Reportedly Considers Bitcoin and Crypto Investments

According to CNBC reports, the video game retailer turned meme stock GameStop is considering investing in BTC and crypto, according to sources familiar with the matter.

GameStop explores investments in alternative asset classes, according to three sources cited by CNBC. Shares of GameStop also surged as much as 20% in extended trading after the news.

The retailer is reportedly still in the process of figuring out if this makes sense for the business, according to a source cited by the publication.

It’s also worth noting that last weekend, the company’s CEO, Ryan Cohen, shared a photo on X featuring Michael Saylor, co-founder and chairman of MicroStrategy now known as Strategy.

Cohen also shared a post addressing a potential proposal to adopt a Bitcoin Strategic Reserve. Companies that could decide to create SBRs would be following in the footsteps of Strategy₿ company which began buying BTC in August 2020.