10 Stocks Outperform Broader Market on Wednesday

2. GameStop Corp. (NYSE:GME)

GameStop shares jumped by 11.65 percent on Wednesday to finish at $28.36 apiece following news that it would raise as much as $1.3 billion to buy Bitcoin.

The news followed announcements from the company that its Board of Directors “has unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset.”

The company said it would attempt to raise the funds through convertible senior notes offering.

The planned Bitcoin purchase came a month after GME CEO Ryan Cohen posted a photo with Strategy CEO Michael Saylor on X. While the photo did not mention any reason for the meetup, investors were quick to speculate a brewing cryptocurrency strategy between the two companies.

It can be learned that the gaming company had already ventured into cryptocurrency in 2022 with the establishment of a now-defunct cryptocurrency wallet that sent its share prices skyrocketing for days after the launch.

Just recently, reports also surged of GME closing several stores in the US, often with little to no warning. Since 2020 alone, GME has been shutting down more than 700 stores as the COVID-19 pandemic heavily weighed on its profits, further aggravated by a shift in consumption to online sales and video game makers resorting to digital-only access to games.