GameStop Eyes Bitcoin, Altcoins Amid Crypto Resurgence

GameStop, the video game retailer that gained significant attention from retail traders in 2021, is reportedly exploring the possibility of adding Bitcoin to its balance sheet, according to a recent report. The company is also considering the purchase of a group of altcoins, although the specific coins have not been named.

The news comes as GameStop's shares have risen by approximately 5.5% over the past week. This increase follows the company's CEO, Ryan Cohen, posting a picture of himself alongside Michael Saylor, the founder of MicroStrategy (MSTR) and a prominent Bitcoin advocate. An unnamed source close to the company has indicated that GameStop is in the early stages of exploring the adoption of crypto assets and that the idea may ultimately be rejected.

GameStop launched a crypto wallet in 2022 but later discontinued the service due to regulatory uncertainty. The company's interest in cryptocurrencies has been a topic of speculation among investors and the broader market. As the crypto industry continues to evolve, companies like GameStop may be considering the potential benefits and risks of integrating digital assets into their business models.