GameStop Corp (NYSE:GME) is reportedly considering investments in Bitcoin and other cryptocurrencies, according to sources with knowledge of the matter.
Sources told CNBC that the video game retailer turned meme stock is exploring alternative asset classes, including cryptocurrency and Bitcoin in particular.
The company is said to still be in the process of deciding if this type of investment is right for its business.
The retailer could choose not to go ahead with the investments, according to CNBC.
CEO Ryan Cohen recently shared a photo with Michael Saylor, chairman of Strategy (formerly MicroStrategy), a major corporate Bitcoin holder. However, sources stated that Saylor is not currently involved in GameStop's crypto investment discussions.
The company has accrued $4.6 billion in cash reserves, making it well-positioned for potential investment opportunities.
The news boosted GameStop’s shares during Friday’s trading session, up 6.2% at about $28. In the last 12 months, the stock has added 93%.