GameStop (GME) Stock Jumps on Report It May Add Bitcoin (BTC) and Other Cryptocurrencies to Its Balance Sheet

GameStop Corporation GME is reportedly considering adding Bitcoin BTC/USD and other cryptocurrencies to its balance sheet

GameStop Corp. (NYSE:GME) is reportedly considering adding Bitcoin (CRYPTO: BTC) and other cryptocurrencies to its balance sheet.

The Latest: Speculation that GameStop has considered buying Bitcoin and other cryptocurrencies has been around for years. The company changed its rules on its cash balance to give CEO Ryan Cohen the ability to trade the company's cash balance into stocks and cryptocurrencies.

While Cohen has yet to make a move, the company's cash balance has grown. Cohen recently transferred his stake in the company from an LLC to his personal name, sparking further speculation that a move by the company could be coming.

Sources tell CNBC that GameStop is considering adding Bitcoin and other cryptocurrencies to its balance sheet.

It's Important Because: GameStop previously launched crypto wallets and a non-fungible token trading platform before shutting down the service in 2023 due to "regulatory uncertainty."

Cohen recently posted a photo with MicroStrategy Inc (NASDAQ:MSTR) co-founder and chairman Michael Saylor on X, sparking further speculation that a crypto move could be coming. MicroStrategy, which is changing its name to Strategy, is the largest corporate holder of Bitcoin.

Sources say Saylor is not involved in GameStop's potential move into cryptocurrency investments.

Saylor has previously offered to help companies purchase Bitcoin and recently presented to the Microsoft Corp. (NASDAQ:MSFT) Board of Directors a shareholder proposal to buy Bitcoin.

Price Action: GameStop stock is up 9.7% to $28.90 in after-hours trading Thursday.

Bitcoin trades at $96,537.04 at the time of writing.

GME Coin (CRYPTO:GME), which is not affiliated with the company, is up 27% to $0.002403 on Thursday, spiking on the report.