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GameStop partners with FTX for digital asset trading

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We already said it in a previous article, meme actions are here to stay. Video game and action meme retailer GameStop-A has teamed up with crypto broker FTX to boost trading in digital assets according to Alexandra White in the Financial Times.

Gamestop, which did not disclose the financial terms of the deal, said the partnership aims to introduce more Gamestop clients to FTX and its digital asset markets. The company will collaborate with FTX on e-commerce and online marketing initiatives and will sell FTX gift cards in its stores.

Gamestop recently launched a digital wallet and non-fungible token marketplace that allows users to buy, sell, and trade NFTs.

Ryan Cohen, the president of Gamestop who is popular with meme stock traders, is known to be optimistic about integrating digital assets into the video game retailer’s business.

The partnership announcement came at the same time it reported second-quarter sales, which missed analysts’ revenue expectations.

Net sales fell about 4% to $1.1 billion in the second quarter, below analysts’ expectations for revenue of $1.27 billion. While spending on collectibles increased from the same quarter in 2021, the uptick did not offset a decline in sales of software, hardware and accessories.

On a bright spot, Gamestop reported a lower-than-expected net loss of $108.7 million, or a loss of 36 cents per share. Analysts had forecast a net loss of $120.68 million in the second quarter.

GameStop-A closed the session on Wednesday at $26.79, still below the last downward gap, and the 70 and 200 period moving averages remain above the price.

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