GameStop shares surge as company considers crypto investments - CNBC

February 14, 2025 10:33 PM AEDT | By Investing

Google News:

GameStop shares surge as company considers crypto investments - CNBC

Recent News

ASX 100 Penny Stocks June Update: Bailador Technology & EZZ Life Scien...

ASX 200 Inches Higher as Big Banks Outshine Weak Mining and Energy Sec...

Tech Drag, Neuren Surge: ASX 200 Wavers Amid Xero Dive and Patent Wins

Banks Lift ASX 200 as CPI Decline Fuels Optimism Across Financials

Investing.com - GameStop (NYSE:GME) is mulling over potential investments into Bitcoin and other cryptocurrencies, as well as other alternative asset classes, according to CNBC.

Shares in GameStop were more than 6% higher in premarket U.S. trading on Friday, after having spiked by as much as 20% in extended hours trading following the report.

Citing sources familiar with the matter, the business news channel said GameStop -- the video game retailer who became the figurehead of a surge in interest in so-called meme stocks in 2021 -- is still in the process of determining if the move is right for the company.

GameStop could still choose not to go ahead with the investments, CNBC noted. It added that Michael Saylor, Chairman of major corporate Bitcoin holder Strategy who was pictured in a social media post by GameStop CEO Ryan Cohen last weekend, is not involved in the discussions at this time.

Strategy -- formerly known as MicroStrategy -- first began snapping up Bitcoin in 2020 to offset weakness at its software division, and has since become one of the leading beneficiaries of the token's notoriety.

Previously, GameStop released crypto wallets in 2022 which allowed users to manage their digital assets and other nonfungible tokens, although it shuttered the service in 2023.

During Cohen's tenure at the helm of GameStop, the business, which has long been known for its brick-and-mortar locations, has moved to address a shift in gamer consumption habits to more digital sources and away from physical locations. Since his appointment, the firm has slashed costs and accumulated funds in order to reinvest it.

Cohen, as well as two independent board members, were given permission by GameStop's board in late 2023 to oversee the group's portfolio of securities investments.

(Luke Juricic contributed reporting.)

This article first appeared in Investing.com

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.