GameStop, the company best known for selling video games and shaking up Wall Street in 2021, is now exploring Bitcoin. Reports suggest the company is considering adding Bitcoin to its balance sheet, which means it could start holding Bitcoin as part of its financial reserves.
Why Would GameStop Buy Bitcoin?
GameStop made headlines in 2021 when retail investors on Reddit sent its stock price soaring in what’s known as a short squeeze. Hedge funds that bet against the stock lost billions, and the event put GameStop in the spotlight. Now, the company seems to be looking at another big move—investing in Bitcoin.
Bitcoin is often compared to digital gold, some would say gold with wings even. Some companies hold it as a hedge against inflation, while others see it as a way to store value outside traditional banking systems. If GameStop buys Bitcoin, it would follow in the footsteps of Tesla and MicroStrategy, which both added Bitcoin to their reserves.
Social Media Sparks Speculation
People started talking about GameStop and Bitcoin after CEO Ryan Cohen posted a photo of himself with Michael Saylor, the founder of MicroStrategy and creator of the infamous 21 Rules of Bitcoin. Saylor’s company is one of the largest corporate holders of Bitcoin. After the post, GameStop’s stock price jumped by about 5.5%, adding to the speculation.
However, reports suggest the company is still in the early stages of deciding. That means it could move forward with buying Bitcoin, or it could decide against it.
GameStop’s Previous Crypto Moves
This wouldn’t be GameStop’s first step into crypto. In 2022, the company launched its own digital wallet, which allowed customers to store and manage cryptocurrencies. However, it shut down the service not long after, citing uncertainty around regulations.
What Happens Next?
If GameStop moves forward with a Bitcoin purchase, it would join a growing list of companies betting on the cryptocurrency’s future. But even if it doesn’t, the fact that a well-known company is considering Bitcoin shows how much mainstream attention it continues to get.
For those new to Bitcoin, this is a reminder of why businesses and investors are interested in it. Unlike traditional currencies, Bitcoin has a fixed supply, and no central authority controls it.
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