What's Going On With GameStop Stock Tuesday?

GameStop Corp GME on Tuesday announced plans to pursue a sale of its French and Canadian operations.

What Happened: GameStop on Tuesday announced that it intends to pursue a sale of its operations in France and Canada as part of its evaluation of its international assets.

The news comes after GameStop shares jumped as much as 20% last week following reports that the company was considering adding Bitcoin BTC/USD and other crypto assets to its balance sheet after GameStop’s Ryan Cohen posted a picture with Strategy’s Michael Saylor on X.

Sources familiar with the matter reportedly said GameStop was in the early stages of figuring out if a crypto investment makes sense for its business and could still decide to not follow through.

Check This Out: GameStop Stock Jumps On Report It’s Considering Bitcoin, Crypto Investments

GameStop previously made a push into the crypto space with the launch of wallets that let users manage crypto and non-fungible tokens (NFTs) and also provided access to GameStop’s NFT marketplace. However, the company closed down the offering in 2023 due to "regulatory uncertainty."

When GameStop reported third-quarter financial results in December, the company said that it was freeing up Cohen to bet on stocks in order to improve the company's financial standing.

GameStop had $4.62 billion in cash as of the end of the third quarter. The company is due to report fourth-quarter financial results next month. Analysts expect the company to report earnings of 8 cents per share and revenue of $1.48 billion, according to Benzinga Pro.

GME Price Action: GameStop shares were down 0.81% at $26.78 at the time of publication, according to Benzinga Pro.

Read Next:

• Ahead Of GameStop’s Bitcoin Purchase Plans, BlackRock, Morgan Stanley, Goldman Sachs, And Other Billion Dollar Funds Load Up On GME Stock In Q4

Photo: Shutterstock.