Gamestop goes all-in on crypto and Bitcoin investments
Meme stock, GameStop Corp (NYSE: GME), announced on Tuesday that it was following the investment playbook made popular by Michael Saylor’s Strategy (NASDAQ: MSTR) (formerly Microstrategy) by approving a plant to buy bitcoin with its corporate cash.
As a result, the company’s shares rose by over 6 per cent in extended trading. GameStop announced it may invest a portion of its cash or future debt and equity issuances in bitcoin and U.S. dollar-denominated stablecoins. As of February 1, the retailer held nearly USD$4.8 billion in cash and stated it hasn’t set a ceiling on the amount of bitcoin it may purchase.
Strategy has bought billions of dollars worth of bitcoin in recent years to become the largest corporate holder of the…
