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Coinpaprika 2025-02-14 08:29:19

GameStop Considers Bitcoin Investment, Stock Surges on Speculation

GameStop is reportedly considering investing in Bitcoin , and the news has already impacted its stock price. CEO Ryan Cohen recently posted a picture with MicroStrategy’s Michael Saylor, fueling speculation that the company might follow a similar path. MicroStrategy’s Bitcoin-first approach helped transform its business, and GameStop could be looking for the same financial stability. GameStop previously ventured into Web3 by launching an NFT marketplace, but the initiative failed. Shifting to Bitcoin would mark a radical departure from its core gaming business , but it could provide a new source of revenue. Despite Bitcoin's recent volatility due to geopolitical factors, analysts expect higher prices by the end of the year, making this a potentially strategic move for the retailer. Over the past few years, GameStop has undergone significant changes. After years of declining sales, it became the focus of a historic short squeeze in 2021, sparking a stock price surge. This led to a push for Web3 innovation, but the company’s NFT efforts failed to gain traction. In 2023, GameStop fired its CEO, and in early 2024, it shut down its NFT platform. Now, rumors suggest that GameStop is preparing for a bold new strategy: Bitcoin investment. The speculation alone has driven its stock higher, showing that investors are paying attention. Bitcoin has been bullish in recent months, and some see this as the perfect time to buy before prices climb further. Michael Saylor’s journey with MicroStrategy closely mirrors GameStop’s situation. His company was struggling with declining revenue before making a major bet on Bitcoin. That decision turned MicroStrategy into one of the biggest corporate Bitcoin holders and even led to a rebrand emphasizing its crypto-first approach. Critics, however, are skeptical. Peter Schiff , a well-known crypto opponent, mocked the idea, arguing that GameStop is a failing company making a desperate move. He compared it to MicroStrategy’s shift but claimed Bitcoin is as overvalued as GameStop’s stock. Despite the criticism, Bitcoin offers GameStop a fresh opportunity. Unlike NFTs, which were linked to gaming, Bitcoin has no direct connection to the company’s past business model. If GameStop commits to this path, it could reshape its revenue stream entirely. Companies like MicroStrategy and even Tesla have been profoundly changed by their Bitcoin holdings. So far, GameStop has not provided any official updates on its potential Bitcoin accumulation. However, the speculation alone has already made waves in both the stock and crypto markets.

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