Insiders: GameStop is considering investing in cryptocurrencies such as Bitcoin

ChainCatcher news, according to CNBC, three insiders revealed that the video game retailer GameStop is considering investing in cryptocurrencies such as Bitcoin. The company currently holds $4.6 billion in cash reserves and has approved a new investment policy in December 2023, authorizing CEO Ryan Cohen and two independent directors to manage the securities portfolio.

After the news was released, GameStop's stock price surged by 20% in after-hours trading. Notably, Ryan Cohen posted a photo with MicroStrategy Chairman Michael Saylor, the largest corporate holder of Bitcoin, on social media platform X last weekend, but sources say Saylor is not currently involved in GameStop's cryptocurrency investment discussions.