GameStop Mulling Investment in Bitcoin/Crypto: CNBC

GameStop (GME) is considering investments in alternative asset classes, bitcoin (BTC) and crypto among them, reported CNBC, citing three sources.

The report comes just a few days after GameStop CEO Ryan Cohen posted a picture of himself with Strategy (MSTR) founder and Executive Chairman Michael Saylor. Formerly MicroStrategy, Strategy is the largest corporate holder of bitcoin with more than 400,000 tokens.

GameStop would seem to have a decent amount of buying firepower, reporting $4.6 billion of cash on its balance sheet as of the end of the third quarter and total liabilities of less than $1.5 billion.

GME shares are higher by 11.3% in after hours trading. The news also appears to be giving a modest lift to bitcoin, which has risen to $96,700.