News

GameStop’s plan to bet on Bitcoin juices video game retailer’s stock – The Daily Reporter – Greenfield Indiana

1 Mins read

GRAPEVINE, Texas (AP) — GameStop’s seesawing stock price surged 7% late Tuesday after the video game retailer disclosed plans to invest some of its cash in cryptocurrency.

Without providing any details, GameStop said its board of directors had approved a revision in its investment policy to enable the Grapevine, Texas, company to convert some of its U.S. dollars into Bitcoin, which has become a hot commodity since last November’s election of President Donald Trump. His election led to the departure of regulators who had cracked down on alleged fraud in the cryptocurrency market. As of early February, GameStop held nearly $4.8 billion in cash.

After GameStop signaled it would start betting on Bitcoin, the company’s famously volatile shares rose $1.83 to $27.83 in extended trading. Even if the stock behaves similarly in Wednesday’s regular trading session, the price remains far below its 52-week high of $64.83. That was reached last May shortly after influential investor Keith Gill, popularly known as “Roaring Kitty,’ appeared online for the first time in three years to declare his support for GameStop.

Gill’s cheerleading revived memories of a “meme stock” craze he helped ignite in early 2021, when GameStop’s stock price soared above $120. The company had suffered cumulative losses totaling more than $1.3 billion during the previous three years while its sales eroded. GameStop earned $131 million on sales of $3.8 billion during its more recent fiscal year.

Related posts
News

Form 13G JADE BIOSCIENCES For: 16 October By Investing.com

1 Mins read
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment…
News

Trump's 100% Tariffs On China Send Bitcoin, Ethereum, And Dogecoin Price Crashing. But One Coin Stands Out - Cryptopolitan

2 Mins read
The crypto market’s early-October rally stalled after President Trump reignited tensions with China by confirming a sweeping 100% tariff on Chinese imports…
News

Trump threatens to pull support for Argentina if its politics move leftward

5 Mins read
President Donald Trump greets Argentina’s President Javier Milei at the White House, Tuesday, Oct. 14, 2025, in Washington. President Donald Trump on…

Leave a Reply

Your email address will not be published. Required fields are marked *