KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
GameStop Corp. (GME) surged over 7% in after-hours trading amid reports that the meme-stock pioneer is considering a Bitcoin investment, potentially marking a new chapter for the retailer in the booming cryptocurrency market.
📰 Key Highlights
🔹 GameStop is exploring investments in Bitcoin and other cryptocurrencies, according to sources cited by CNBC.
🔹 The stock initially jumped 16% in extended trading before settling at a 7% gain.
🔹 Speculation intensified after CEO Ryan Cohen posted a photo with Bitcoin advocate Michael Saylor (Strategy’s Executive Chair) on social media earlier this week.
💬 GameStop has not officially commented on the reported plans, but the market response underscores investor excitement.
💰 Why Bitcoin?
🔹 Crypto adoption is accelerating, especially with the pro-crypto Trump administration.
🔹 Coinbase and Robinhood recently posted strong earnings fueled by crypto trading, signaling optimism in the sector.
🔹 Strategy (formerly MicroStrategy) has already committed $42 billion to Bitcoin investments, setting a precedent for corporate crypto adoption.
📌 GameStop’s board approved a new investment policy in December 2023, allowing the company to invest in equity securities and granting Ryan Cohen the authority to manage the portfolio.
📊 GameStop's Market Performance
🔹 GME shares are up 81.5% over the past 12 months, fueled by renewed interest from meme-stock traders and strategic leadership under Cohen.
🔹 Roaring Kitty (Keith Gill), a key figure in the 2021 meme-stock frenzy, reaffirmed his belief in GameStop during a June 2024 livestream and expanded his stake.
🚨 Market Implications
✔️ Potential Bitcoin investment could make GameStop a hybrid play—part meme stock, part crypto asset.
✔️ Increased volatility expected, with both meme-stock traders and crypto enthusiasts watching closely.
✔️ GameStop’s pivot could enhance its relevance, particularly as the video game retail business faces challenges.
📌 If confirmed, GameStop’s Bitcoin bet could mirror Strategy’s successful pivot to crypto, reshaping its investment narrative.
🔍 What’s Next?
✔️ Official confirmation from GameStop on its crypto investment plans.
✔️ Market reaction to Bitcoin price movements, especially with GME’s potential exposure.
✔️ Further strategic moves from Ryan Cohen, given his newly expanded investment authority.
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