GameStop Stock Surges on Rumors of Potential Bitcoin Investment

GameStop's stock (GME) experienced a surge on Thursday following a CNBC report indicating the video game retailer is considering investing in Bitcoin and other cryptocurrencies. The stock price jumped from approximately $26 to nearly $31 after hours, before settling around $28.50. This news follows GameStop's previous venture into Web3 with an NFT marketplace, which was later shut down in early 2024 due to regulatory uncertainty. Last week, GameStop CEO Ryan Cohen fueled speculation by posting a photo with MicroStrategy's Michael Saylor, whose company holds over $46 billion in Bitcoin.