GameStop Bitcoin Pivot Spurs Social Media Chatter as Stock Soars 16%

GameStop (GME) shares surged 16% after the company announced plans to purchase bitcoin (BTC) to enhance its balance sheet, fueled by CEO Ryan Cohen's interest and calls from investors like Strive Asset Management's Matt Cole. Despite holding $4.8 billion in cash, GameStop has not specified the amount or timing of its bitcoin acquisitions, prompting speculation on social media about the potential scale of this move. Analysts suggest GameStop's allocation may be substantial, with some predicting it could need to acquire as much as $3 billion in bitcoin to gain respect within the cryptocurrency community. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: CoinDesk