GameStop Stock Surges Following Bitcoin Investment Speculation

Reports suggest GameStop is exploring cryptocurrency investments, though no final decision has been made.

GameStop shares increased up to 20% in after-hours trading following reports the company is considering investing in Bitcoin and other cryptocurrencies.
CEO Ryan Cohen fueled speculation by posting a photo with Bitcoin advocate Michael Saylor, although Saylor is not involved in GameStop's discussions.
GameStop has $4.6 billion in cash reserves, which could potentially fund a shift toward alternative asset investments like cryptocurrency.
The company has previously experimented with crypto, including an NFT marketplace that was shut down in 2023 due to regulatory concerns.
Analysts note the move could mirror Strategy's Bitcoin-focused investment model, but the company has not yet committed to any specific plan.