The ever-fickle Bitcoin is said to be on the rise again, and although there's been a sluggish start to 2025, GameStop could be an unlikely savior that pushes the controversial cryptocurrency toward the highs it was previously predicted to reach this year.
We were already bracing for something of a Bitcoin bump amid rumors that GameStop would announce a potential investment, but in the aftermath, things are already on the up.
While we're still a way off Bitcoin's all-time high of $109,026.02 in January this year, things could continue climbing. It comes as experts can't seem to decide whether the price of Bitcoin has already peaked or could reach $500,000 by the end of the Trump administration.
Some fear that $120,000 will mark a 'red line' peak before things tumble, but for now, GameStop is giving Bitcoin the lift it needs.
Advert
In a March 25 release, GameStop confirmed that its board had “unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset."
Crypto Briefing reports that this led to a 15% rise in GameStop's pre-market stock prices, and although Bitcoin's price has climbed by 3.18% in the past five days, it's currently sitting at just $86,836.72.
BlackRock executives predicted that GameStop's Bitcoin-related announcement could be the kick up the backside Bitcoin needs, with a February 2025 proposal from Strive Asset Management suggesting that GameStop convert its nearly $5 billion cash reserves into Bitcoin. The plan was to turn GameStop into the "premier bitcoin treasury company in the gaming sector." It came as Strive Asset Management chief executive Matt Cole referred to it as an 'incredible opportunity' to GameStop CEO Ryan Cohen.
GameStop has taken this advice, and it's now thought that GameStop could become the next Strategy. Strategy (formerly MicroStrategy) has seen its stock skyrocket by 3,000% since it started buying Bitcoin in 2020.
Strategy's Michael Saylor took to X to share a picture of him and Cohen, adding: "Welcome to Team Bitcoin, Ryan Cohen."
So-called 'Bitcoin historian' Pete Rizzo told traders to 'buckle up', and although there's disappointment that GameStop didn't reveal an exact amount it will be committing to Bitcoin, there's plenty of buzz.
All of this comes as more companies start to convert cash into Bitcoin, meaning GameStop joins the likes of Tesla in holding Bitcoin. For now, Bitcoin has managed to escape a three-month downward trend, although experts suggest this could be due to the POTUS easing up on tariffs that are due to be announced on April 2.
Crypto prices previously leaped up when President Trump announced his plans for a cryptocurrency reserve, but whether GameStop's investment will have the same result remains to be seen.