GameStop, the once-struggling gaming and electronics retailer, is reportedly considering a bold move: investing in Bitcoin. The news has already sent shockwaves through the stock market, with CEO Ryan Cohen recently posting a photo with MicroStrategy’s Michael Saylor, hinting at a possible partnership.
The company’s previous attempt to enter the Web3 market with its NFT marketplace was unsuccessful, but Bitcoin could be the key to its reinvention. While it has nothing to do with GameStop’s core business model, it could dramatically change its revenue model and keep it afloat.
Will GameStop Follow MicroStrategy’s Footsteps?
GameStop has undergone significant changes in recent years, with declining revenues and a Reddit-driven stock pump in 2021. The company tried to adapt to the Web3 market with its NFT marketplace, but it wasn’t enough. Now, GameStop is preparing to take a radical step: investing in Bitcoin.
According to rumors, the company may invest in Bitcoin and other cryptoassets soon. The news has already had a notable impact on its stock price. While Bitcoin’s price has been bullish in recent months, it’s not the only reason for GameStop’s decision. The company may be inspired by MicroStrategy’s Michael Saylor, who saw revenues from his traditional business model drying up and made a dramatic gamble on BTC.
Saylor’s bet paid off extraordinarily well, and he recently rebranded the company to prominently feature the Bitcoin logo. GameStop’s commitment to a Bitcoin-first strategy could completely change its revenue model, just like MicroStrategy’s pivot to BTC. Even Tesla, one of the world’s largest tech firms, has noticeably changed due to its crypto purchases.
“GameStop, a company with no viable business plan, has thrown another Hail Mary by announcing that it might use its cash to buy Bitcoin. The irony is that Bitcoin is even more overpriced than GME. No matter; speculators are buying the stock anyway, hoping it becomes another MSTR,” wrote anti-crypto advocate Peter Schiff.
While no further updates regarding any accumulation plans have been revealed yet, GameStop’s potential investment in Bitcoin could be a game-changer for the company. Will it follow in MicroStrategy’s footsteps and become a Bitcoin-first company? Only time will tell.
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2025-02-14 02:39