GameStop Buys Bitcoin? Follows the MicroStrategy Model

GameStop is planning to buy Bitcoin and rumours about this move are already affecting its share price. CEO Ryan Cohen posted a photo with MicroStrategy's Michael Saylor, further confirming the company's intention.

The electronics and gaming giant had already attempted to enter the NFT market, but without success. As for Bitcoin, it is not directly related to GameStop's core business and could change the company's workflows, but the revenues generated could keep it afloat.

MicroStrategy Will it be the Model for GameStop?

GameStop, the benchmark for video gamers, has undergone major changes in recent years. After an exponential drop in the value of its shares, a community-driven stock movement in 2021 brought the company back to life. This led to a renewal of leadership, prompting GameStop to explore the Web3 ecosystem with the NFT marketplace.

However, the company failed to keep up with the industry, leading management to fire CEO Matthew Furlong in 2023 and shut down the NFT project.

Today, however, GameStop is entering the world of cryptocurrencies by purchasing Bitcoin.

According to rumours, the company may invest in Bitcoin and other cryptocurrencies. This news has already led to an improvement in the value of its shares.

In recent months, Bitcoin has followed a bullish trend, but this does not entirely explain GameStop's plans. The cryptocurrency is starting to stabilise despite regulatory changes and the Trump administration.

Currently, Bitcoin is below the $100,000 mark and analysts predict a further rise by the end of the year. This scenario presents a perfect opportunity for GameStop to enter the Bitcoin market.

The gaming giant appears to be following in the footsteps of MicroStrategy. Before buying BTC, MicroStrategy was also in a similar situation. Michael Saylor, seeing struggling revenues, decided to bet on Bitcoin to relaunch the company.

This gamble proved successful, leading to a new corporate vision with Bitcoin at the core of the brand.

Anti-crypto Peter Schiff commented:

"GameStop, a company without a viable business plan, has attempted another desperate move by announcing that it might use its cash to buy Bitcoin. The irony is that Bitcoin is even more overvalued than GME. It doesn't matter: speculators are buying the stock anyway, hoping it will become a new MicroStrategy case."

In conclusion, Saylor's strategy with Bitcoin could lead the way for GameStop. The company had already tried to enter the Web3 with gaming NFTs, but without success. Buying Bitcoin has nothing to do with GameStop's traditional business model, but adopting a Bitcoin-centric strategy could transform the company, just as it did with MicroStrategy.

Other companies, such as Tesla, have also taken this approach, radically changing their financial dynamics. For GameStop, the future could be tied to Bitcoin.