GameStop spikes 18% after hours on potential Bitcoin investment.

However, the company has not yet made a final decision, with one source emphasizing that it is still weighing the feasibility and potential impact of such an investment on its business strategy.

Following the report, GameStop’s stock briefly climbed to $31.30 before retracting to $28.36, still maintaining a 7% after-hours gain, according to Google Finance. 

This volatility reflects the market’s sensitivity to GameStop’s potential entry into the cryptocurrency space. Meanwhile, a Solana-based memecoin named GameStop (GME), which has no official connection to the company, experienced a sharp 45% increase in value, reaching $0.0027 before settling at $0.0025, according to CoinGecko data. 

The speculative rally around this token highlights the broader enthusiasm surrounding GameStop’s potential crypto involvement.

The rumors intensified after GameStop CEO Ryan Cohen posted a photo with MicroStrategy’s executive chairman, Michael Saylor, on Feb. 7. Given Saylor’s reputation as a major Bitcoin advocate, the post fueled speculation that GameStop might be considering Bitcoin adoption. 

However, two sources told CNBC that Saylor is not involved in any discussions regarding GameStop’s potential crypto acquisitions, dismissing the notion of his direct influence on the company’s financial strategy.

This speculation comes as more corporations embrace Bitcoin as a treasury asset. Companies like MicroStrategy have pioneered this trend, and others are following suit. Japanese gaming firm Gumi recently announced a $6.6 million Bitcoin purchase, while Metaplanet raised $26.1 million to expand its Bitcoin holdings to 1,762 BTC, currently valued at $170 million.

The increasing corporate adoption of Bitcoin underscores its growing appeal as a hedge against inflation and an alternative store of value.

GameStop has a history of experimenting with cryptocurrency and blockchain technology. In 2022, it launched a self-custodial crypto wallet to facilitate NFT and digital asset transactions, aiming to position itself in the growing Web3 ecosystem. However, due to regulatory uncertainty, the company shut down the wallet in November 2023. Additionally, GameStop introduced an NFT marketplace, which was later shuttered in January 2024, reflecting ongoing challenges in navigating the regulatory landscape.

Beyond its crypto ventures, GameStop remains one of the most iconic meme stocks, having made history in 2021 when retail traders orchestrated a short squeeze that sent its stock soaring over 1,000% in a single month. 

This event disrupted hedge funds that had heavily shorted the stock and marked a turning point in the power of retail investors. Now, with speculation surrounding its potential entry into Bitcoin, GameStop once again finds itself at the center of financial market discussions.

Whether GameStop ultimately invests in Bitcoin remains uncertain, but its stock’s reaction highlights the market’s growing intersection with crypto assets. If the company moves forward, it could signal a major shift in how traditional retailers approach digital assets, further blurring the lines between conventional finance and the emerging crypto economy.