coincodex.com
GameStop stock has surged 7.7% in premarket trading due to reports that the video game retailer and meme stock community favorite is considering investing in Bitcoin. The company had $4.6 billion in cash as of November 2024.
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GameStop is considering investing in bitcoin and other cryptocurrencies, sources say https://t.co/WfIYpr0jB6
— CNBC (@CNBC) February 13, 2025
Speculation about GameStop’s potential involvement with Bitcoin began last week after GameStop CEO Ryan Cohen met with Strategy executive chairman Michael Saylor, a prominent Bitcoin advocate.
NEW: Michael Saylor met with GameStop CEO Ryan Cohen last night 👀 #Bitcoin pic.twitter.com/YkSDDXBNJ7
— Bitcoin Magazine (@BitcoinMagazine) February 8, 2025
According to a report from CNBC, GameStop is evaluating investments into alternative classes, including Bitcoin. However, CNBC’s sources said that Saylor is not part of the company’s discussions about investing in Bitcoin.
If GameStop were to invest in Bitcoin, it wouldn’t be the company’s first time getting involved with the crypto and blockchain space. The company launched an NFT marketplace in 2022, although it was shut down in early 2024 after not gaining much traction.
Pivoting to Bitcoin can provide a major boost
GameStop exploring a potential investment in Bitcoin comes amid growing interest for Bitcoin among institutional investors, corporations and even governments.
Strategy, which has accumulated a massive stash of 478,740 BTC since it started adding Bitcoin to its reserves in August of 2020, has seen its stock increase by 322% in the last year. The third and second largest corporate Bitcoin holders are MARA Holdings and Riot Platforms, which are both Bitcoin mining companies.
Metaplanet, a Japan-based company, has also adopted a similar approach to MicroStrategy. The company started acquiring Bitcoin in April 2024, and its stock is up a whopping 3,840% in the last year.
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GME is predicted to see a 104% gain in 2025
The GameStop price prediction algorithm on CoinCodex is expecting GME to see significant volatility in 2025. Per the forecast, GME is expected to reach as high as $53.8 this year, which would be a 104% increase compared to the stock’s current price. However, the prediction is also expecting GME to briefly drop below the $20 level by the end of 2025.