GameStop rises 18% after hours on reports it’s considering investing in Bitcoin

GameStop stocks rose 18% in after-hours trading amid speculation that it is considering investments in alternative asset classes, including cryptocurrencies. 

A Feb. 13 report by CNBC, citing three sources familiar with the matter, said this could include Bitcoin (BTC).

However, GameStop may not go through with the investments. One source said the company is still looking at whether it makes sense for the business. 

GameStop shares saw a sharp boost in after-hours trading. The shares briefly spiked up over 18% to $31.30, according to Google Finance.

GameStop shares have since cooled slightly, falling to $28.36 at the time of writing, which is still a 7% after-hours gain.

Meanwhile, a Solana-based memecoin called GameStop (GME), which has no affiliation with the company, also saw a 45% rise to $0.0027 before falling back to $0.0025, according to CoinGecko.

Some had speculated that GameStop is considering adding crypto to its balance sheets after CEO Ryan Cohen posted a photo to X on Feb. 7 with Strategy’s executive chairman and co-founder Michael Saylor.

However, two sources told CNBC that Saylor is not involved with GameStop’s supposed plan to acquire crypto. 

It comes as a growing number of companies are following in Strategy’s footsteps by adding Bitcoin to their balance sheets. Japanese mobile gaming company Gumi has become one of the latest after buying $6.6 million (1 billion Japanese yen) worth of Bitcoin on Feb. 10.

Metaplanet also announced on Feb. 12 that it had raised $26.1 million (4 billion Japanese yen) to purchase more Bitcoin. Its stash now sits at 1,762 Bitcoin, worth $170 million at current prices, CoinGecko data shows.

Related: GameStop, AMC stocks surge after cryptic Roaring Kitty post

GameStop previously made forays into the crypto space with a crypto wallet for its users, which it eventually shut down in November 2023 due to regulatory uncertainty.

It launched an NFT marketplace, which was also eventually shuttered in January 2024, due to similar concerns about regulatory uncertainty.

GameStop is also considered the first example of meme stock success after a short squeeze in 2021 that sent the stock surging over 1,000% in a month as traders flipped the table on hedge funds that had been making money shorting on the company.

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