GameStop - the famous video game retail chain that was the epicenter of the "memestock" craze during the pandemic - is considering investing in cryptocurrencies, according to sources from CNBC.

GameStop Is Considering Investing in Bit

Three internal sources revealed that GameStop is studying the expansion of its investment portfolio to include alternative assets, including cryptocurrencies, especially Bit. This could be a strategic move to help the company find new growth momentum in the face of the many challenges facing the traditional video game retail industry.

GameStop's consideration of investing in Bit has attracted a lot of attention from the investment community, especially after CEO Ryan Cohen shared a photo with Michael Saylor - MicroStrategy's Strategic Chairman and one of the top Bit supporters - on the social media platform X last weekend. This has sparked many speculations about GameStop potentially entering the cryptocurrency market or adding Bit to its balance sheet.

GameStop became the epicenter of the memestock trading frenzy in 2021, when Keith Gill, the famous individual investor known as "Roaring Kitty", and the WallStreetBets community on Reddit drove a massive trading wave with GME stock.

This movement not only caused GameStop and AMC stock prices to skyrocket, but also sparked strong interest in cryptocurrencies, especially Dogecoin - the prominent memecoin at the time. GameStop's consideration of investing in Bit has many investors drawing parallels to the past volatile swings of risky assets.

Although the rumors around Bit investment are increasing, CNBC reported that GameStop is still in the evaluation process and has not made an official decision yet. An internal source emphasized that the company is still considering whether the cryptocurrency investment would fit its business model.