Skip to Main Content.
Site navigation
Fidelity.com Home
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant Opens in a new window
  • Log In
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant Opens in a new window
  • Log Out
  • Accounts & Trade
    • Portfolio Log In Required
    • Portfolio
    • AccountPositions Log In Required
    • AccountPositions
    • Trade Log In Required
    • Trade
    • Trading Dashboard Log In Required
    • Trading Dashboard Log In Required
    • Active Trader Pro
    • Transfers
    • Cash Management Log In Required
    • Cash Management
    • Bill Pay Log In Required
    • Bill Pay
    • Full View Log In Required
    • Full View
    • Security Settings Log In Required
    • Security Settings
    • Account Features Log In Required
    • Account Features
    • Statements Log In Required
    • Statements
    • Fidelity Alternative Investments Program Log In Required
    • Tax Forms & Information
    • Retirement Distributions Log In Required
    • Fidelity Rewards+registered trademark Log In Required
    • Fidelity Rewards+registered trademark Log In Required
    • New Account Checklist Log In Required
    • Lending Solutions-Line of Credit Log In Required
    • Refer a Friend
  • Planning & Advice
    • What We Offer
    • Build Your Plan
    • My Goals
    • Financial Basics
    • Building Savings
    • Robo Investing Plus Financial Advice
    • Wealth Management
    • Find an advisor
    • Retirement
    • Life Events
    • Saving & Investing for a Child
  • News & Research
    • News
    • Wealth Management Insights
    • Watch List Log In Required
    • Quotes
    • Quotes
    • Alerts Log In Required
    • Mutual Funds
    • Stocks
    • Fixed Income, Bonds & CDs
    • ETFs
    • Options
    • Markets & Sectors
    • IPOs
    • Annuities
    • Learning Center
    • Notebook
    • Notebook
  • Investment Products
    • Mutual Funds
    • Retirement & IRAs
    • Stocks and Trading
    • Direct Indexing
    • Fixed Income, Bonds & CDs
    • ETFs
    • Options
    • Sustainable Investing
    • Cash Management & Credit Cards
    • Managed Accounts
    • 529 College Savings
    • Health Savings Accounts
    • Annuities
    • Life Insurance & Long Term Care
    • Charitable Giving
  • Why Fidelity
    • The Fidelity Advantage
    • Planning & Advice
    • Trading
    • Straightforward Pricing
    • Insights & Tools
    • Security & Protection
    • Marketplace Solutions
    • About Fidelity
    • Careers
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant Opens in a new window
  • Log In
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant Opens in a new window
  • Log Out
Content and data provided by various third parties and Fidelity − Terms of Use
  • Research >
  • Stocks >
  • News & Events >

Stock Details


  • Snapshot
  • Detailed Quote
  • Advanced Chart &
    Technical Analysis Opens in New Window
  • News & Events
  • Compare
  • Analyst Opinions
  • Research Reports
  • Key Statistics
  • Earnings
  • Dividends
  • Ownership & Insiders
  • Financial Statements
  • SEC Filings

RELATED RESOURCES

  • Stock Research Overview
  • Stock Screeners
  • Markets & Sectors
  • Fidelity Learning Center Opens in New Window
Print Format
Change Text Size:
  • Default text sizeA
  • Larger text sizeA
  • Largest text sizeA

GameStop jumps after report on NFT trading hub, crypto pact

BY Reuters
— 8:17 AM ET 01/07/2022

By Medha Singh and Shashank Nayar

(Reuters) -GameStop Corp's (GME) stock rallied on Friday after a report that the videogame retailer plans to expand its non-fungible tokens (NFTs) marketplace and partner with crypto firms.

The company's shares soared last year as it was 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 stock has mostly declined.

On Friday, GameStop (GME) jumped 7.3% to $140.62 after reports late on Thursday that the company would build an online hub for trading NFTs for virtual game collectibles and establish cryptocurrency partnerships.

A source familiar with the matter told Reuters about GameStop's (GME) plans, which had been reported by the Wall Street Journal.

GameStop (GME) 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 confused about 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.

"Meme stocks are speculative rather than fundamental and, to a degree, cryptos are also little speculative in nature ... too much of an exposure to cryptos could have an effect on the balance sheets of these companies," warned Mirabaud analyst Neil Campling.

Short selling against GameStop (GME) increased by about 1 million shares to 8.4 million in the past 30 days, now worth $1.11 billion and equivalent to 13% of GameStop's (GME) free float, according to data from S3 Partners.

Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, said Friday's share move was unlikely to be a short-covering rally.

"First we would need to wipe out recent mark-to-market profits on the short side, which means getting back to levels in the $170 - $200 stock price range," for a short squeeze to happen, Dusaniwsky said.

(Reporting by Medha Singh and Shashank Nayar in Bengaluru; Additional reporting by Noel Randewich in Oakland, California; Editing by Shinjini Ganguli, Aditya Soni and David Gregorio)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

More GME News

GME has no more news
Fidelity Investments. Copyright 1998–2022 FMR LLC. 
All rights reserved. 

  • Terms of Use|
  • Privacy|
  • Security|
  • Site Map 
Close