GameStop’s Bitcoin Gambit: Stocks Skyrocket as the Internet Goes Wild!

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What to know:

  • In a surprising twist, GameStop’s shares jumped a whopping 16% after it was announced they’d be diving into the world of bitcoin.
  • Details were as scarce as a rain cloud in the desert — the company chose to leave the timing and amount of their bitcoin shopping spree a mystery, igniting chatter across social platforms.

So, the curious little tale unfolded on a Wednesday morning. GameStop, that retailer of dreams and digital escapades, saw its stocks climb by 16%. The reason? They decided to wade into the murky waters of bitcoin, hoping to shore up their balance sheet with some digital gold.

Once upon a Tuesday, the gaming giant disclosed an impressive cache of $4.8 billion in cash. CEO Ryan Cohen had been dropping hints like breadcrumbs in a dark forest about his bitcoin ambitions weeks earlier. Joining him in this whimsical adventure was Matt Cole, the CEO of Strive Asset Management—who, let’s face it, has been riding the GameStop rollercoaster himself.

While they did reveal that a slice of their plush cash loaf would soon be dedicated to bitcoin and stablecoins (a fancy way of saying “money that doesn’t like to fluctuate”), the specifics were left behind like forgotten socks on laundry day.

This lack of clarity set off a social media wildfire: just how much bitcoin would this gaming colossus acquire? The speculation was thick enough to cut with a butter knife.

According to the ever-optimistic Anthony Pompliano, who fancies himself a kind of bitcoin oracle, GameStop’s investment might be substantial. Apparently, they aren’t just looking to toss a couple of pennies into the bitcoin fountain.

“Chairman Ryan Cohen is likely to take a big bet on bitcoin as a balance sheet asset,” Pompliano noted, sounding like a kid in a candy store. “You don’t go through all this red tape for a measly amount.”

In an amusing twist, Pomp hinted at Cohen’s commitment to the cause by examining his social media habits — Cohen follows three bitcoin accounts, which is apparently the digital equivalent of wearing a “Bitcoin Forever” shirt.

In the court of public opinion, a poll by the ever-enthusiastic Michael Saylor — the man who’s dumped a staggering $33 billion into over half a million bitcoins — suggested that GameStop should hold at least $3 billion of the shiny stuff to earn some street cred among crypto aficionados.

Yet, amidst the excitement, the question loomed like a dark cloud: would GameStop be as aggressive in its bitcoin purchases as Saylor? Though they’re no strangers to financial wizardry, including a little wizarding with debts, their humble beginnings in this bitcoin saga came from a modest cash reserve of $250 million — quite a leap from their current escapades.

Interestingly, GameStop’s stock surge might hold up against the wild price swings that bitcoin is notorious for. After all, while they’ve expressed interest in buying bitcoin, they don’t actually own any yet — a fact noted with a smirk by former bond trader Josh Mandell. “I will not ask anyone to make it make sense,” he quipped, capturing the bewilderment of the masses.

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2025-03-26 20:52