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Aditya Raghunath

Is GameStop Stock a Buy, Sell, or Hold as Ryan Cohen Flirts With Bitcoin?

GameStop Ryan Cohen Bitcoin GME Michael Saylor MicroStrategy Crypto MSTR

According to a CNBC report, GameStop (GME) is exploring potential investments in cryptocurrency, particularly Bitcoin (BTCUSD), as part of its strategy to diversify into alternative assets. The news, which caused GameStop’s shares to surge 8.5% in pre-market trading on Feb. 14, comes after CEO Ryan Cohen was spotted with MicroStrategy (MSTR) chairman Michael Saylor. However, sources have indicated that Saylor is not involved in GameStop’s crypto discussions.

The video game retailer has previous experience in the crypto space, having launched and subsequently shut down crypto wallets in 2022-2023 due to regulatory concerns. Under Cohen’s leadership since 2021, GameStop has prioritized cost-cutting and operational efficiency, accumulating a $4.6 billion cash reserve as of November 2024.

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