GameStop: From Meme Stock to Crypto Stock
GameStop, the Wall Street company that became famous in 2021 for its meteoric rise fueled by Reddit traders, is now looking to attract the most enthusiastic cryptocurrency investors.
Few companies have experienced a 1,600% surge in just 12 sessions or a 74% drop in four days. Yet, GameStop went through both extremes between January and February 2021, during the height of the so-called “meme stock” frenzy—a movement driven by Reddit traders as a rebellion against short-selling firms.
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Four years later, the video game retailer is trading 70% below its early 2021 peak. In an effort to revitalize its stock price, GameStop has devised a new strategy—one that also aims to appeal to a different type of investor.
GameStop Crypto Strategy with Bitcoin
GameStop now plans to invest in Bitcoin and other cryptocurrencies, hoping to ride the wave of the stock market rally led by MicroStrategy. The software company has become one of Wall Street’s biggest success stories in recent years by amassing the largest corporate Bitcoin holdings. Over the past 12 months, MicroStrategy’s stock has surged nearly 400%.
GameStop itself has used MicroStrategy as an investor lure. Speculation about GameStop’s Bitcoin investment plans intensified after CEO Ryan Cohen posted a photo on social media platform X alongside Michael Saylor, founder and chairman of MicroStrategy, the company with the largest corporate Bitcoin holdings.
Accumulating Bitcoin hasn’t just paid off for MicroStrategy. Japanese firm Metaplanet has soared more than 3,000% in a year as it expanded both its Bitcoin reserves and the valuation of its holdings.
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