A general view of the Gamestop logo in one of his shops in the city center of Cologne.
Ying Tang | Nurphoto | Getty pictures
Video game retailer was meme shares around Gamestop Raongs to invest in Bitcoin and other cryptocurrencies, according to sources that are familiar with the matter.
Gamestop examines investments in alternative asset courses, including crypto and Bitcoin, especially in three sources. Gamestop's shares rose by 20% in extended trade according to the news.
The retailer could decide not to carry out the investments. The company is still in the process of finding out whether this makes sense for Gamestop's business, such a source.
Last weekend CEO Ryan Cohen has a photo on the social media website X with Michael Saylor, co-founder and chairman of MicrostrategyThe largest company owner of Bitcoin. At this point, however, Saylor is not involved in Gamestop's discussion about cryptoinvestitations, according to two of the sources.
In 2022, Gamestop Crypto letters launched the market with which users were able to manage their crypto and non -favors tokens. However, the company closed the service in 2023, citing “regulatory uncertainty”.
Cohen, co-founder of Chewy, bought stocks in Gamestop in 2020 and joined the board in 2021 when Gamestop became one of the most important meme shares in commercial mania. His e-commerce experience hoped that he could help modernize the inpatient retailer, but the company is still fighting to adapt to the changing expenditure habits by players.
Under Cohen's leadership, Gamestop has focused on reducing costs and optimizing the company to ensure that the company is profitable, although it does not grow. By November 2, the company had accumulated a cash pile of 4.6 billion US dollars and used these funds for investments, according to a securities registration in December.
Companies that are considering adding Bitcoin to their balance sheet Microstrategy. This company, which was recently renamed strategy, has bought Bitcoin worth billions of dollars in recent years and effectively turned into a Bitcoin holding vehicle from a software stock.
The decision contributed to increasing a quick, albeit volatile increase for the strategy share.
In December 2023, Gamestop's board approved a new “investment policy”. It enables Cohen as well as two independent board members and other necessary employees to manage the portfolio of Gamestop securities investments. These investments must correspond to the guidelines of the guidelines or are approved by the committee by unanimous coordination or the total volume with majority votes.