GameStop plans to buy Bitcoins, WallStreetBets rejoices

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.

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.

Holy $GME what’s going on! Squeezeeee pic.twitter.com/47xmDWcT8C

— GameStop on Base (@GME_BASE) February 13, 2025

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’.

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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.

JUST IN:

GameStop is considering investment in Bitcoin $BTC and other cryptocurrencies. $GME 📈 +12.00% in after hours pic.twitter.com/NeMolVz6Vz

— TrendSpider (@TrendSpider) February 13, 2025

Dumb Money

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

NEW: Michael Saylor met with GameStop CEO Ryan Cohen last night 👀 #Bitcoin pic.twitter.com/YkSDDXBNJ7

— Bitcoin Magazine (@BitcoinMagazine) February 8, 2025

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.