GameStop Stock (GME) increased by around 5% at the start of negotiations on Friday After CNBC reported The video game retailer explores investment in cryptocurrencies, including Bitcoin (BTC-USD).
CNBC has specified that the company cannot follow investments and always explores the option. The stock jumped up to 20% after the bell Thursday before restoring some earnings.
A publication on the social media of the CEO of Gamestop, Ryan Cohen, during the weekend, aroused speculation on the interest of Gamescop for the cryptocurrency. Cohen posted a photo on X with the CEO of Strategy (MSTR), Michael Saylor, Sunday morning. Saylor has harnessed his business, formerly known as Microstrategy, in Bitcoin as he now holds Over 447,000 tokens.
The strategy was called “the first and the largest Bitcoin cash company in the world” in its announcement of name change last week. Strategy shares have increased by around 370% in the past year, the company continued to buy bitcoin in the middle of a rally of almost 100% in the cryptocurrency on the same period of time.
While Gamestop Share increased after Cohen’s post, Sherwood Luke Kawa noted That investors might bet that GameStop will follow the Bitcoin of Strategment Bitcoin Purchase.
“The warm reaction of the Cohen tweet market suggests that traders hope that Cohen uses some of the $ 4.6 billion in cash and cash to take a page of Saylor’s Playbook (This playbook has a rule: Buy Bitcoin ) “, wrote Kawa.
In December 2023, Gamesop’s painting gave Cohen The power to use the capital of the company to make investments. This paved the way for the video game operator to use their money as a portfolio company similar to the Daily Journal (DJCO) or Berkshire Hathaway (BRK-B, BRK-A).
Since he reached a summit of $ 64 per share in May 2024 in the midst of a revival of memes shares, Gamesop shares have dropped and have been down approximately 15% in the last month. The company has not yet published results in the fourth quarter.
Josh Schafer is Yahoo Finance journalist. Follow him on x @_joshschafer.
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