GameStop's crypto pivot boosts shares of one-time retail investor favorite

The company's shares rose 12% before the bell after GameStop said it would invest in bitcoin, with its primary brick-and-mortar retail business struggling to draw customers amid the prevalence of digital downloads and e-commerce. GameStop's update to its investment policy on Tuesday to add bitcoin as a treasury reserve asset mirrors exchange operator Strategy, formerly known as MicroStrategy. Strategy is the largest corporate holder of bitcoin and its shares are often seen as a proxy for the digital currency given its elevated exposure.