GameStop (GME) shares are up some 15% on Wednesday, March 26 after the gaming merchandise retailer announced plans of using its corporate cash to buy Bitcoin (BTCUSD).
In its press release, the firm did not set a limit on how much it may invest in the world’s largest cryptocurrency by market cap.
Investors are cheering the announcement because putting BTC on the balance sheet has worked wonders for MicroStrategy (MSTR) stock over the past year.
Including today’s surge, GME shares are up nearly 35% versus their year-to-date low.
What a Bitcoin Strategy May Mean for GameStop Stock
MicroStrategy has transitioned from a business intelligence software company into a Bitcoin proxy in recent years. It started buying BTC in August 2020, when MSTR traded for roughly $15.
Today, the Virginia-headquartered firm owns more than 500,000 BTC in total, while its share price sits at about $33. That’s a well over…
