GameStop Corporation GME is reportedly considering adding Bitcoin BTC/USD and other cryptocurrencies to its balance sheet, a move that would follow several other public companies into the sector.

What Happened: Speculation that GameStop has considered buying Bitcoin and other cryptocurrencies has risen in recent years. The company changed its rules on its cash balance to give CEO Ryan Cohen control over trading the company's cash balance into stocks and cryptocurrencies.

While Cohen has not made a move yet, the company's cash balance has grown. Cohen recently transferred his stake in the company from an LLC to his personal name, prompting further speculation that a move by the company could be coming.

Sources say GameStop is considering investing in Bitcoin and other cryptocurrencies, according to a CNBC report. There is no guarantee that GameStop will invest in cryptocurrency, but this marks one of the strongest indications yet that the company has considered such a move.

Read Also: GameStop Q3 Earnings: Revenue Miss, $4B+ Cash, No More Offerings Planned In Fiscal Year

Why It's Important: 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 MSTR co-founder and chairman Michael Saylor on X recently, prompting 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 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 GME/USD, which is not affiliated with the company, is up 27% to $0.002403 on Thursday, spiking on the report.

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