GameStop (GME) Shares Jump to Their Highest Level Since Mid-2022

GameStop (GME) shares jumped to their highest level since mid-2022 on Tuesday, riding a wave of crypto-fueled retail speculation, and sparking new questions about the return of meme-stock mania.

GameStop (GME) shares hit their highest level since mid-2022 on Tuesday, continuing to rise on a wave of crypto-fueled retail speculation that is sparking new questions about the return of meme-stock mania.

The video game retailer’s stock soared nearly 27% over the past week, reaching a peak of $35.59 on Monday—its highest price since August 2022—before paring some gains.

The rally, largely driven by retail enthusiasm and spillover from the surging crypto market, came despite the lack of major corporate news from GameStop. The latest spike in the stock price also follows a patterned surge in a Solana-based memecoin called GME—a tribute token with no official ties to the company that reportedly advanced nearly 50% in a week.

The latest rally in GameStop’s shares comes as Bitcoin hit a new all-time high on Tuesday, continuing its ascent amid optimism over the U.S. legal landscape for cryptocurrencies.

GameStop’s announced allocation of a portion of its cash reserves to Bitcoin had been a major factor in sparking retail interest in the stock earlier this year. To support the move, GameStop undertook a $1.5 billion bond sale earlier this year, which it said would fund Bitcoin purchases and general corporate development.

On the fundamentals front, GameStop has been showing signs of improvement. The company reported its third consecutive quarterly profit in March and closed the fourth quarter with $4.78 billion in cash and investments, a sharp increase from $1.2 billion a year earlier.