coinspress.com
GameStop is reportedly weighing the possibility of adding Bitcoin and other cryptocurrencies to its holdings, just days after CEO Ryan Cohen met with MicroStrategy’s Michael Saylor.
According to sources cited by CNBC, the company is considering digital asset investments but has not yet reached a final decision.
Despite sitting on $4.6 billion in cash at the end of Q3 2024, GameStop has been struggling with declining sales, particularly in hardware and software.
The shift toward digital game downloads has further pressured its traditional retail model. Analysts suggest that embracing Bitcoin could give GameStop a new strategic direction, potentially transforming it into a “Bitcoin Consumer Bank” and enhancing shareholder value.
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GameStop’s stock surged by 20% following reports of its crypto interest. While Saylor himself is not involved in the company’s internal discussions, the speculation alone has driven market excitement.
The retailer has experimented with crypto before, launching an NFT marketplace in 2022, only to scale back due to regulatory challenges. In late 2023, it also shut down its crypto wallet service. However, a revised investment policy approved in January granted CEO Ryan Cohen and his team more flexibility in allocating company funds beyond traditional investments.