GameStop (GME) stock gets premarket boost on crypto wallet launch

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  • On Monday, the videogconame retailer GameStop Corporation announced the launch of its digital asset wallet.
  • The wallet would allow users to send, receive and store cryptocurrencies and NFTs across decentralized apps (DApps) without leaving the web browser. 
  • The GME stock fell 37.41% YTD. 

Videogame retailer GameStop Corporation (NYSE: GME) stock rose 2.45% to US$98.00 in the premarket at 8:06 am ET on Monday after the company announced launching its crypto wallet.

The wallet would allow users to send, receive and store cryptocurrencies and non-fungible tokens (NFTs) across decentralized apps (DApps) without leaving the web browser. It is a self-custodial Ethereum wallet whose extension can be downloaded from the Chrome Web Store.

In January, GameStop disclosed plans to launch an NFT marketplace for gamers this year. The following month, the company partnered with Immutable X, a layer-2 scaling solution for NFTs on Ethereum, to develop the marketplace. In March, while presenting its quarterly earnings, the company said it might launch the market by the end of the second quarter.

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GameStop launched the wallet’s beta version Monday, downloadable from its website. Users will require the wallet to make transactions on the non-fungible marketplace.

Grapevine, Texas-based GameStop Corp is a multichannel videogame, consumer electronics, and services retailer. It sells new and used videogame hardware, physical and digital videogame software, and videogame accessories. 

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Its two main segments include Videogame brands and Technology brands. The videogame brand offers videogames, and the technology brand sells wireless products and services. 

Its current market capitalization is US$7.3 billion. The GME stock fell 37.41% YTD. 

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For fiscal 2021 ended on January 29, 2022, the company generated a net sale of US$6.01 billion, an 18.1% increase YoY, compared to the net sale of US$5.09 billion for fiscal 2020. Around 70% of its sales came from the US, the rest from Europe, Australia, and Canada. 

However, it incurred a net loss of US$381.3 million or US$5.25 per share diluted in fiscal 2021 due to increased operating expenses compared to a net loss of US$215.3 million or US$3.31 per share diluted in the previous fiscal year. 

As of January 29, 2022, it reported cash and cash equivalents of US$1.271 billion versus US$0.509 billion as of January 30, 2021.  

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Bottom line:

On Monday, the NFT segment of the crypto market was up 2.73% to US$11,012 billion at 8:24 am ET. But the overall crypto market was down 0.78% to US$1.28 trillion at the same time.



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