A memecoin named after GameStop Corp. GME skyrocketed to triple-digit gains Tuesday after the video game retailer adopted Bitcoin BTC/USD as a treasury reserve asset.
GameStop said in a Tuesday (March 25) press release that its board voted unanimously to add bitcoin as a treasury reserve asset.
The move comes shortly after President Trump's executive order, signed earlier this month, to establish a strategic reserve of cryptocurrencies.
GameStop (GME) reported fourth quarter sales of $1.28 billion, down about 28% from the year prior. The stock rose in after-hours trading, however, after the company announced it will add bitcoin as a "treasury reserve asset.
GameStop (GME) updated its corporate investment policy to include Bitcoin, sending shares higher in extended trading Tuesday.
GameStop Corp (NYSE:GME) shares moved higher afterhours as the video game retailer posted a fourth quarter earnings beat. For the fourth quarter, which ended on February 1, GameStop saw its adjusted earnings per share increase to $0.30 from $0.22 in the year-ago quarter, far exceeding the $0.08 expected by analysts.
GameStop (GME), which Dave Mazza calls the "original" meme stock, reports earnings after the bell. He notes a lower implied volatility this quarter but cites issue with its core business as problematic ahead.
GameStop Corp GME will report its fourth-quarter earnings on Tuesday. As the company reports after market hours, Wall Street expects 8 cents in EPS and $1.48 billion in revenues.
Fresh inflation data, housing market data, and earnings from meme stock GameStop (GME) highlight this week's calendar for investors.
CNBC's Jim Cramer on Friday listed next week's top market-moving events, including earnings reports from GameStop, McCormick and Dollar Tree. He underscored that angst on Wall Street will continue as tariff policy remains uncertain.
GameStop (GME) closed the most recent trading day at $22.61, moving +0.85% from the previous trading session.
Meme stocks GameStop and AMC rise and fall with social media hype. The post AMC, GameStop Fall As Trump Tariffs Land; Are Meme Stocks A Buy Or Sell Now?