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Apart from the wild stock-price moves, GameStop does have an underlying business, and it is clear that the videogames retailer is trying to change direction.
On Tuesday night, GameStop GME, +41.32% announced its chief financial officer was resigning. It didn’t say why, but Forbes reported Jim Bell was pushed out because the board lost faith in his ability to help shift the company to an e-commerce focus. GameStop says it is looking for someone “to help accelerate GameStop’s transformation.”
The stock more than doubled on Wednesday, and surged again in premarket trade on Thursday.
Jim Cramer, the CNBC personality, says new board member Ryan Cohen, the co-founder and former chief executive of e-commerce pet store Chewy CHWY, +1.79%, may have a bitcoin strategy in mind.
Cohen himself offered this cryptic clue on Wednesday — a frog emoji, with a picture of a McDonald’s ice-cream cone.
GameStop was trading around $150 in premarket action on Thursday. It opened trading on Wednesday at $44.70.
Business intelligence provider MicroStrategy MSTR, -2.57% and electric-car maker Tesla TSLA, -3.62% are among the companies that have recently purchased bitcoin.
