Bitcoin Price Surges on GameStop Speculation – Could This Be the Next Retail FOMO Wave?

Bitcoin’s price climbed sharply following reports of GameStop’s potential entry into the cryptocurrency market. The news has sparked renewed interest in digital assets, evoking memories of the 2021 retail trading frenzy.

Bitcoin traded higher as GameStop’s stock jumped nearly 20%, surging from $26 to $31 in after-hours trading on speculation that the video game retailer may pivot toward Bitcoin and other cryptocurrencies.

GameStop’s Strategic Shift Toward Bitcoin

According to a CNBC report, GameStop is considering a move into Bitcoin investments as part of its evolving market strategy.

The company’s stock spiked from $26 to $31 in after-hours trading following the news, reflecting investor optimism about its potential cryptocurrency exposure.

The report, citing unnamed sources, indicates the retailer aims to diversify its holdings and capitalize on Bitcoin’s growing appeal.

Previously, GameStop ventured into the Web3 space with an NFT marketplace and crypto wallet. The firm collaborated with Immutable and other industry partners, aiming to trade tokenized in-game assets and collectibles. However, the company shut down its NFT marketplace in early 2024, citing “regulatory uncertainty.”

GameStop's stock surged after hours, jumping from $26 to nearly $31, following reports that the video game retailer might be looking to invest in Bitcoin & other cryptocurrencies! #meme stock about to get a #crypto twist. Market News and Data brought to you by Benzinga APIs

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