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GameStop Mulling Investment in Bitcoin/Crypto: CNBC
Eyebrows were raised this past weekend when GameStop CEO Ryan Cohen posted a picture of himself with Michael Saylor.
What to know:
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.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
