Will GameStop Buy Bitcoin Just Like Strategy? Crypto Market Reacts

Strategy (previously, MicroStrategy), the public company with the largest Bitcoin holdings, has been making bold moves in the crypto space. With 478,740 BTC under its belt, the company has cemented itself as a major force in the Bitcoin market. While it first started buying in 2020, it ramped up its strategy in 2024, adding a staggering 257,259 BTC last year alone.

Recently, it openly called for top companies, even Microsoft, to follow its Bitcoin playbook. And here’s where things get interesting. Rumors are swirling that GameStop could be the next big name to adopt this strategy.

The market is already reacting, and investors are paying close attention. Here’s what’s happening and why it matters.

Bitcoin Buzz Boosts GameStop Stock

On February 8, GameStop CEO Ryan Cohen published a photo, which shows him standing beside Strategy co-founder michael saylor michael saylor Michael Saylor is a Co-founder of Strategy formerly MicroStrategy. Before founding Microstrategy, he was a rocket scientist and studied aeronautics and astronautics at MIT on an Air Force scholarship. He dubs Bitcoin 'Digital Gold'. He made some early investment in Bitcoin as soon as he realized it was going to be the next big thing in shaping decentralized finance from traditional finance. His firm Strategy has made Bitcoin their primary treasure reserve. He is a vocal advocate and Top Bitcoin Speaker who participates in various Bitcoin and Crypto events. Michael Saylor is highly skilled in and has a rich knowledge of numerous fields, including analytics, data warehouses, SaaS, management, cloud computing, enterprise architecture, mobile devices, and many more.   Personal Details: Born: Feb 4, 1965Location: United StatesGraduation: He graduated from MIT in 1987 with a double major in aeronautics, science, technology, and society.    Michael Saylor – Career Timeline 1983–1987: Studied Aeronautics & Astronautics and Science, Technology & Society at Massachusetts Institute of Technology (MIT). 1989: Co-founded MicroStrategy (Strategy). 1998: MicroStrategy IPO – Took MicroStrategy public on the NASDAQ at $12 per share. 2000: Accounting Scandal & Crash – MicroStrategy's stock plunged 62% in a day due to an accounting misstatement, wiping out billions in valuation. 2004–2019: MicroStrategy Rebuilds – Worked towards cloud-based analytics and AI-driven business intelligence, regaining stability. 2020: Bitcoin Strategy & Investment – Led MicroStrategy’s $425M Bitcoin investment. He made it the first publicly traded company to adopt Bitcoin. 2021: Bitcoin Evangelism – Became one of Bitcoin’s most vocal advocates, encouraging corporations and institutions to adopt BTC and blockchain. 2022: Stepped Down as CEO – Transitioned to Executive Chairman to focus entirely on Bitcoin strategy.     msaylor@microstrategy.com EntrepreneurCrypto and Blockchain ExpertAuthor  

Following the buzz, GameStop’s stock (GME) saw a sharp increase. On February 10, the first trading day after the post, GME jumped 6.31%. The rally continued on February 11, briefly pushing the price up to $27.76. Today, GME has gained another 2.25%, adding to investor excitement.

GameStop’s Crypto History

GameStop was once actively involved in the Web3 space, even launching its own NFT marketplace. However, due to regulatory challenges, the company was forced to shut down its crypto ventures last year.

Now, the situation may be changing. In late 2024, the U.S. political landscape shifted in favor of crypto when pro-crypto leader Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President defeated Kamala Harris, whose administration had been more skeptical of digital assets. If GameStop is considering a return to crypto, the expected regulatory clarity under the Trump administration could be a major factor in its decision.

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The Meme Stock Factor

GameStop is widely known as a meme stock, meaning its price is often influenced by online discussions and retail investor enthusiasm.

At the start of this week, GME was trading at $25.50. Over the past five days, the stock has risen 5.57%, including a 1.35% increase in the last 24 hours. As of now, GME stands at $26.34, with investors closely watching for further developments.

If history has taught us anything, it’s that GameStop thrives on surprises. Whether Bitcoin is next remains to be seen, but the market is already reacting.