GameStop has reignited speculation about a potential Bitcoin purchase after CEO Ryan Cohen was seen posing with MicroStrategy Chairman Michael Saylor, a well-known Bitcoin advocate.
The move comes as the video game retailer prepares to report its Q4 earnings report today.
The Texas-based company has been at the center of renewed discussions about crypto adoption in the corporate sector. Last month, Strive Asset Management suggested that GameStop convert its cash reserves into Bitcoin and position itself as a “leading Bitcoin treasury company in the gaming industry.”
Cohen acknowledged the suggestion with a brief response on X (formerly Twitter): “Your letter has been received.” While he did not provide further details, his recent public interactions with Saylor have fueled speculation that GameStop may consider Bitcoin as part of its treasury strategy.
The company reported having $4.6 billion in cash and cash equivalents as of Nov. 2, 2023, up significantly from $900 million a year earlier, according to a Securities and Exchange Commission filing.
GameStop's Q4 earnings report will provide more insight into the company's financial health and potential strategic moves.
*This is not investment advice.
