GameStop is considering investing in Bitcoin and other cryptocurrencies, after CEO Ryan Cohen met with prominent Bitcoin investor Michael Saylor.
According to a report by CNBC, the company is exploring this option while it has $4.6 billion in cash reserves until the end of the third quarter of 2024.
However, sources confirmed that Saylor is not part of these internal discussions, and the company may ultimately decide not to go ahead with the Bitcoin investment.
The move comes as GameStop’s sales fell 20% in the third quarter of 2024, reflecting the pressures facing its traditional business model as the gaming market shifts toward digital downloads.
Analysts at Seeking Alpha believe that the company could benefit from a shift to a new financial model, such as becoming a bank for Bitcoin consumers and users, which could boost its stock, which has already risen 20% since news of its interest in Bitcoin spread.
This wasn’t GameStop’s first foray into digital assets, having launched an NFT marketplace in 2022 but halting the project in early 2024 due to regulatory uncertainty, and ending its crypto wallet service in late 2023. In January 2025, its board granted Ryan Cohen and his team broader authority to invest in cryptocurrencies, potentially paving the way for a new financial strategy.
