Financial Insights That Matter
GameStop (GME) CEO Ryan Cohen recently received a letter from Strive Asset Management that urged the company to use Bitcoin as a reserve asset. The letter argued that GameStop’s nearly $5 billion cash reserve presents a unique opportunity for the retail company to redefine itself as a market leader.
It is worth noting that GameStop has had a mixed history with cryptocurrency and blockchain projects. In fact, in 2022, the company launched a self-custodial cryptocurrency wallet that allowed customers to manage digital assets such as cryptocurrencies and non-fungible tokens. This move was part of GameStop’s strategy to expand into the digital asset space.
GameStop also entered the NFT market in 2022 by launching a marketplace built on the Ethereum-based Loopring Layer 2 network. The company then partnered with Immutable X to integrate its global order book into the NFT marketplace. Nevertheless, it remains to be seen whether or not GameStop will consider using Bitcoin as a reserve asset.
Is GME a Strong Buy?
Using TipRanks’ technical analysis tool, the indicators seem to point to a negative outlook for GME stock. Indeed, the summary section pictured below shows that three indicators are Bullish, compared to five Neutral and 14 Bearish indicators.
See more GME technical analysis
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