GameStop's potential Bitcoin investment has drawn criticism from Peter Schiff, who dismissed the move as a desperate attempt to stay relevant.
The outspoken Bitcoin skeptic argued that both GameStop and Bitcoin are overpriced, suggesting the retailer’s plan is more about boosting its stock than securing a solid financial strategy.
The announcement sent GME shares soaring 20%, echoing the 2021 meme stock frenzy that shook Wall Street.
While some companies have successfully integrated Bitcoin into their balance sheets—most notably MicroStrategy—Schiff believes that without a strong business foundation, simply adding Bitcoin won’t guarantee long-term success.
GameStop is still evaluating its crypto investment options and has yet to make a final decision. CEO Ryan Cohen recently shared a photo with MicroStrategy’s Michael Saylor, sparking speculation, though reports suggest Saylor isn’t directly involved.
This wouldn’t be GameStop’s first venture into crypto; in 2022, the company launched a digital wallet service, only to shut it down a year later due to regulatory concerns.
Crypto infrastructure firm Bit Digital is making a bold strategic pivot, abandoning Bitcoin mining entirely in favor of Ethereum staking and asset management.
Institutional interest in Bitcoin continues to surge as U.S.-based spot Bitcoin ETFs recorded their twelfth consecutive day of positive net inflows on Wednesday, pulling in nearly $548 million and pushing the total two-week haul to $3.9 billion.
While Bitcoin’s recent stagnation has triggered debate over what’s really influencing the market, analysts at K33 Research say exchange-traded fund flows are still the dominant force — far more so than the activity from corporate treasuries.
Institutional interest in Bitcoin is heating up again, with major asset managers making massive moves.