Cryptocurrencies
GameStop’s FTX Partnership Draws Wave of Retail Trader Buying
- Stock is trending on social media platforms after accord
- Video game seller has fallen about 48% over past 12 months
Sam Bankman-Fried
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
GameStop Corp.’s partnership with Sam Bankman-Fried’s FTX US cryptocurrency exchange is fueling a flurry of buying from retail investors who are pumping their bets on popular social media.
Individual investors flocked to the video-game retailer on Thursday, making it the third-most purchased stock on Fidelity’s platform with buy orders outpacing those to sell at a more than two-to-one clip. The stock closed 7.5% higher with more than 14 million shares changing hands.