Shares of GameStop Corp. were gaining more than 7% in extended trading Thursday, following a report that the company is weighing a bitcoin investment.

Citing sources familiar with the matter, CNBC reported that the videogame retailer and original meme stock $(GME)$ is considering investing in alternative asset classes including cryptocurrencies, and particularly bitcoin (BTCUSD).

GameStop did not immediately respond to a MarketWatch request for comment on the report.

The company's shares surged earlier this week after Chief Executive Ryan Cohen posted a picture of himself with Michael Saylor - the executive chair of software company and popular bitcoin play MicroStrategy Inc. $(MSTR.AU)$ - on social media.

The post sparked speculation on social media that GameStop is planning a bitcoin investment.

MicroStrategy, which is now doing business under the name Strategy, recently completed $20 billion of a $42 billion capital plan to buy bitcoin that was announced last year.

In December 2023, GameStop's board of directors approved a new investment policy that permits the company to invest in equity securities, among other things. The board gave Cohen the authority to manage the investment portfolio.

GameStop shares and those of AMC Entertainment Holdings Inc. $(AMC)$ skyrocketed in 2021 during the meme-stock frenzy fueled by investor Keith Gill, also known as "Roaring Kitty." In Gill's first YouTube livestream in three years in June 2024, the trader described himself as still a "believer" in GameStop and subsequently grew his stake in the company.

As of Thursday's close GameStop shares were up 81.5% over the last 12 months.