GameStop Plans Bitcoin Investment, Shares Surge 10%

GameStop's stock surged in after-hours trading, jumping over 15% on speculation that the company is considering investing in Bitcoin and other cryptocurrencies. Reports indicate that GameStop is exploring this shift as part of a broader strategy to diversify its asset portfolio, leveraging its substantial cash reserves. The excitement in the market was fueled further by CEO Ryan Cohen's recent social media post with cryptocurrency advocate Michael Saylor, although Saylor's involvement in GameStop's potential investment decisions is not confirmed. Analysts noted that such a move could signify a significant transformation for GameStop from a traditional retailer to a tech-focused entity. Despite the stock's recent volatility, with shares nearly doubling over the past year, no final decisions on the cryptocurrency investments have been made yet. GameStop did not respond to requests for comment on the matter.