GameStop rises after hours, reportedly considering investing in Bitcoin and other cryptocurrencies
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GameStop is considering investing in Bitcoin and other cryptocurrencies, and as a result, its stock price rose over 7% in after-hours trading. The company launched a crypto wallet in 2022 but shut it down in 2023 due to regulatory uncertainties. According to insiders, GameStop is still evaluating the significance of this investment for its business. CEO Ryan Cohen's photo with MicroStrategy founder Michael Saylor has attracted attention, but Saylor did not participate in the investment discussions with GameStop. GameStop currently has a cash reserve of $4.6 billion, focusing on cost reduction and operational streamlining
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