GameStop’s crypto pivot boosts shares of one-time retail investor favorite
(Reuters) – GameStop jumped on Wednesday as the shares that were once at the center of “meme stock” trading frenzy caught investor attention again with the video game retailer making its move into cryptocurrencies.
The company’s shares rose 12% before the bell after GameStop said it would invest in bitcoin, with its primary brick-and-mortar retail business struggling to draw customers amid the prevalence of digital downloads and e-commerce.
GameStop’s update to its investment policy on Tuesday to add bitcoin as a treasury reserve asset mirrors exchange operator Strategy, formerly known as MicroStrategy.
Strategy is the largest corporate holder of bitcoin and its shares are often seen as a proxy for the digital currency given…
