• GameStop’s stock jumped 13% premarket after announcing plans to hold Bitcoin as a treasury reserve asset, following CEO Ryan Cohen’s meeting with crypto advocate Michael Saylor.
• Despite weak earnings, investors seem more focused on the company’s crypto pivot, pushing shares higher.

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GameStop Corp (NYSE:GME) is making waves once again, this time with a bold move into Bitcoin. The video game retailer’s stock soared 13% in premarket trading on Wednesday after announcing plans to adopt Bitcoin as a treasury reserve asset.

The company’s board unanimously approved the investment policy update, allowing GameStop to hold Bitcoin, signaling a strategic shift toward digital assets. This decision comes amid growing speculation after CEO Ryan Cohen was spotted with MicroStrategy’s Michael Saylor—one of the most prominent Bitcoin advocates.

While GameStop’s pivot echoes MicroStrategy’s crypto-heavy approach, analysts remain divided on its long-term benefits. Some see it as a savvy move to align with digital finance trends, while others question its ability to offset the company’s ongoing financial struggles.

GameStop’s latest earnings report paints a less optimistic picture. The company posted a 28% year-over-year drop in fourth-quarter sales, down to $1.28 billion. Full-year adjusted EBITDA also declined to $36.1 million from $64.7 million in the previous year. Despite these challenges, the retailer maintains a strong cash position with $4.6 billion on hand.

Investors, however, appear more focused on GameStop’s Bitcoin bet than its earnings slump. In premarket trading, the stock climbed $3.38 to $28.78, reflecting renewed enthusiasm from retail traders. Whether this crypto pivot will pay off remains to be seen, but GameStop continues to prove that it’s anything but predictable.