Will GameStop's Bitcoin Swing Be a Home Run or an Epic Fail?
Video game retailer GameStop's (NYSE: GME) business has been struggling for years, as more of the gaming market continues to shift to digital downloads. However, the stock was the subject of massive investor attention during the meme stock frenzy of 2020 and 2021, with a renewed spike in interest last year -- during which the company raised quite a bit of capital.These days, GameStop has roughly $6.4 billion in cash and equivalents on its balance sheet, a lot considering its $10 billion market cap. And more recently, GameStop is gradually diversifying its business, including its newest strategy of investing substantial sums of money in Bitcoin (CRYPTO: BTC).Image source: Getty Images.Continue reading
Video game retailer GameStop's (NYSE: GME) business has been struggling for years, as more of the gaming market continues to shift to digital downloads. However, the stock was the subject of massive investor attention during the meme stock frenzy of 2020 and 2021, with a renewed spike in interest last year -- during which the company raised quite a bit of capital.
These days, GameStop has roughly $6.4 billion in cash and equivalents on its balance sheet, a lot considering its $10 billion market cap. And more recently, GameStop is gradually diversifying its business, including its newest strategy of investing substantial sums of money in Bitcoin (CRYPTO: BTC).
Image source: Getty Images.
