GameStop plans to buy Bitcoins, WallStreetBets rejoices

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Last Updated on 15 February 2025 by CryptoTips.eu

Of course it was inevitable. GameStop, known for its video game stores and its role in the 2021 WallStreetBets hype, is reportedly considering investing in Bitcoin and other digital currencies. Three anonymous sources close to the case reported the news to CNBC this week. That announcement alone sent GameStop’s shares surging in after hours trading.

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Short Squeeze

GameStop is no stranger to the crypto world. In 2021, the company became a symbol of the retail investor revolt against Wall Street hedge funds, orchestrated on the Reddit forum WallStreetBets.

Fans of the gaming store Gamestop were pumping the GME stock price higher and higher to flood the position of the short sellers, an action known as a ‘short squeeze’.

YouTube video

As a result, they were able to do so much damage to classic Wall Street hedge funds that Citadel and Point72, two major funds, had to invest $2.75 billion in Melvin Capital just to keep it alive.

Dumb Money

In 2023, a film was made about the phenomenon called ‘Dumb Money’, which became a real sleeper hit.

 

A few days ago, GameStop CEO Ryan Cohen posted a photo of himself with Michael Saylor, founder and executive chairman of Strategy (formerly MicroStrategy). Ever since then, everyone expected GameStop to copy Saylor’s strategy.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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