GameStop Stock Surges 18% on Speculation of Potential Bitcoin Investment

GameStop stock price jumped 18% in after-hours trading on February 13, driven by speculation that the video game retailer might be considering investments in alternative assets, including Bitcoin. According to a report from CNBC, citing sources familiar with the matter, GameStop is evaluating whether such a move aligns with its business strategy.

While the company has yet to confirm any plans to acquire Bitcoin, investor excitement pushed shares up to $31.30 before settling at $28.36, still marking a 7.46% after-hours gain. The speculation was further fueled by a recent photo posted by GameStop CEO Ryan Cohen featuring Michael Saylor, the executive chairman of Strategy, a company well known for its large Bitcoin holdings.

However, CNBC sources clarified that Saylor is not involved in any discussions related to GameStop’s alleged crypto acquisition plans.

The market reaction extended beyond GameStop’s stock. A Solana-based memecoin called “GameStop” (GME), which has no affiliation with the retailer, also surged 45% to $0.0027 before slightly retreating to $0.0025, according to CoinGecko.

Companies Increasing Bitcoin Reserves

The speculation surrounding GameStop comes at a time when more corporations are adding Bitcoin to their balance sheets. On Feb. 10, Japanese mobile gaming firm Gumi announced a $6.6 million Bitcoin purchase, and two days later, Tokyo-based investment firm Metaplanet revealed it had raised $26.1 million to expand its Bitcoin holdings. The company now owns 1,762 Bitcoin, valued at approximately $170 million.

GameStop has previously ventured into the crypto industry but faced regulatory hurdles. It introduced a crypto wallet for users before shutting it down in November 2023 due to regulatory uncertainty. The company also launched an NFT marketplace, which it later discontinued in January 2024 for similar reasons.

GameStop: History With Retail Traders

GameStop remains one of the most well-known “meme stocks,” gaining notoriety during the 2021 short squeeze that saw retail traders push its stock price up by over 1,000% in a matter of weeks. The event resulted in major losses for hedge funds that had been heavily shorting the stock.

While GameStop’s potential Bitcoin adoption remains uncertain, the company’s history with speculative trading and digital assets keeps it in the spotlight.