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Barchart
Barchart
Mark R. Hake, CFA

REVEALED: Gamestop s bitcoin purchase and potential debt conversion increases gme s value - The Real Truth

GME GameStop Bitcoin Barchart NLA

GameStop (GME) announced this week that it purchased 4,710 Bitcoin, now worth $492 million. With the recent rise in GME stock, allowing the conversion of its convertibles into equity, GME stock looks undervalued at about $40 per share, using a Sum-of-the-Parts (SOTP) valuation method. Moreover, shorting out-of-the-money (OTM) puts look attractive here for value investors.

GME closed at $29.80 on Friday, May 30, up +7% in the last month after peaking at $35.01 on May 27. I discussed GME's value in a recent Barchart article, “GameStop Stock Could Surge From Here - All Eyes are On Its Results.”

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