GameStop mulls Bitcoin investment despite past crypto setbacks

Even I, as co-founder, have zero tokens: Brain Alive's Sujit Roy on AI-powered smart rings

Video game retailer GameStop Corp (NYSE:GME) is considering an investment in Bitcoin, Ether, and other cryptocurrencies, CNBC reported on Monday, despite having shut down its NFT marketplace and cryptocurrency wallet last year.

GameStop shares rose about 20% in premarket trading. The stock is now trading at $27.15 per share.

GameStop CEO Ryan Cohen was recently spotted with Michael Saylor, head of the company formerly known as MicroStrategy (NASDAQ:MSTR), which is best known for being a Bitcoin treasury company. MicroStrategy has more Bitcoin on its balance sheet than any other company, a model that is being increasingly adopted by companies around the world.

GameStop itself has dabbled in digital assets in the past, with the Texas-based retailer launching a non-fungible token (NFT) marketplace in 2022. The company later shut down the marketplace amid broader digital asset market turmoil following the high-profile collapse of FTX crypto exchange and a wider market rout. The NFT marketplace also drew criticism for offering unlicensed NFT games without obtaining permission from the game creators.

GameStop mulls Bitcoin investment after past crypto setbacks“Even I, as co-founder, have zero tokens’: Brain Alive’s Sujit Roy on AI-powered smart rings

Bitcoin to $100K? ‘The fundamentals are strong,’ says Gryphon CEO

“GameStop has decided to wind down our NFT marketplace due to the continuing regulatory uncertainty of the crypto space,” the company said at the time.

The video game retailer also shut down its crypto wallet in 2023, a year after launching the service.

However, with President Donald Trump elected as the first so-called “crypto president,” businesses in the U.S. are increasingly looking at gaining exposure to Bitcoin for the first time, or increasing their holdings of Bitcoin if they already carry the digital asset. A wave of non-crypto companies are also adding Bitcoin to their corporate balance sheets, ranging from health tech firm Semler Scientific to energy storage company KULR Technology Group.