GameStop (GME) Jumps Following Unexpected Bitcoin Pivot

Still, this action follows CEO Ryan Cohen‘s interactions with notable figures in the crypto sector, including a meeting with Strategy’s Michael Saylor earlier this year.

Meanwhile, the company has not specified the amount of Bitcoin it plans to acquire.

While GameStop, known as the biggest and favorite stock for short sellers, is showing its confidence in Bitcoins long-term value.

How much of its reserves will be allocated to the digital asset remains unclear.

Since the year started, big and small corporations have also been increasing their Bitcoin holdings.

Strategy, despite being a primary business intelligence and software firm recently acquired an additional 6,911 BTC for $584 million. This latest purchase brought its total holdings to over 506,000 BTC.

Similarly, Metaplanet, a Japanese financial firm and publicly listed company, announced the purchase of an additional 150 BTC, extending its total reserves to 3,350 BTC.

This acquisition agrees with the broader strategy of institutional investors accumulation of Bitcoin as a primary treasury asset.

In related news, Arthur Hayes, BitMEX co-founder and top analyst, recently predicted that Bitcoin could reach $110,000 soon.

In his X post, he said this is boosted by the U.S. Federal Reserves shift to quantitative easing.

Yet, he warns of a potential drop to test $76,500 support. At the time of writing, Bitcoin price was trading near $87K, down 0.57% in 24 hours.