Skip to content

GREENGROUND

Daily Insights for a Smarter Tomorrow

Menu
  • Home
  • Medium
  • About Us
    • Mission
    • Contact Us
Menu

GameStop jumps after report on NFT trading hub, crypto pact

Posted on January 8, 2022 by Livio Andrea Acerbo

 

A GameStop Inc. store is shown in Encinitas, California, U.S., May 24, 2017. REUTERS/Mike Blake

Shares of GameStop Corp (GME.N) rose on Friday after  the video game retailer announced plans to expand its non-fungible token (NFT) market and partner with crypto companies.
The company’s shares soared last year as they were at the center of a battle between small investors coordinating on online forums and Wall Street hedge funds that had taken short positions. Since mid-November, its shares have mostly fallen.
GameStop jumped 7.3% to $ 140.62 on Friday after  the company reportedly built an online NFT trading center for virtual game collectibles and  cryptocurrency partnerships on Thursday. A source familiar with the matter told Reuters about GameStop’s plans, which were reported by the Wall Street Journal.

GameStop declined to comment on the reports.

NFTs, which use blockchain to record the ownership of digital items such as images and videos, surged in popularity in 2021, leaving many confusedabout why so much money was being spent on copiable digital items that do not physically exist.

Highly volatile crypto assets have tumbled in recent months, with bitcoin plummeting to a more than three-month low of $42,001.97, down about 38% from its $69,000 all-time high in November.

Ether , used to buy NFTs, has slumped to $3,219.77, levels last seen in early October.

“Stocks themselves are speculative rather than fundamental, and to some extent cryptocurrencies are also not very speculative in nature . excessive exposure to cryptocurrencies could have an effect on the balance sheets of these companies.” , warned analyst Mirabaud  Neil Campling. Short sales against GameStop increased by roughly 1 million shares  in the past 30 days to 8.4 million, now worth $ 1.11 billion and equal to 13% of GameStop’s free float , according to data from S3 Partners.

Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, said Friday’s stock move is unlikely to be a small hedging rally.

 
“We would first need to erase recent market earnings on the short side, which means reverting to levels in the range of $ 170 $ 200 per share,” for a short squeeze to occur, said said Dusaniwsky.

social experiment by Livio Acerbo #greengroundit #techcrunch https://techncruncher.blogspot.com/2022/01/gamestop-jumps-after-report-on-nft.html

Share this:

  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on Tumblr (Opens in new window) Tumblr
  • Click to share on Mastodon (Opens in new window) Mastodon
  • More
  • Click to share on Reddit (Opens in new window) Reddit
  • Click to share on Pocket (Opens in new window) Pocket
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...
Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Twitter
  • Facebook
  • YouTube
  • Instagram
  • Telegram
©2025 GREENGROUND | WordPress Theme by Superbthemes.com
This website uses cookies
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Reject Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
%d