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GameStop Partners With Crypto Exchange FTX.US to Boost Digital Asset Adoption
The video game retailer also reported a narrower-than-expected net loss for its fiscal second quarter.
Updated May 11, 2023, 5:43 p.m. Published Sep 7, 2022, 8:30 p.m.
Video game firm GameStop (GME) is partnering with Sam Bankman-Fried’s crypto exchange FTX.US to promote interaction between the gaming and crypto community, the company announced on Wednesday after the close.
The deal unites GameStop, one of the key players in the meme-stock craze of a year and a half ago, with one of the leading crypto exchanges.
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The two companies will promote e-commerce and marketing initiatives, while certain GameStop retail stores will carry FTX gift cards, according to a statement Wednesday. GameStop is also being given the label of FTX’s “preferred” retail partner in the U.S.
Deal terms weren’t disclosed.
"At a high level, the partnership will introduce more GameStop customers to FTX’s community and its marketplaces for digital assets," Wedbush equity research analyst Michael Pachter said in a note to clients on Thursday. However, Pachter added that Wedbush is "skeptical that the partnership will drive meaningful revenue or profit contribution."
GameStop’s NFT marketplace went live this summer, and garnered strong volumes that eclipsed crypto exchange Coinbase’s (COIN) volumes.
GameStop's shares were up over 7% in Thursday's trading session. For the quarter ended July 30, the company reported revenue of $1.14 billion, compared to the consensus analyst estimate of $1.27 billion, according to FactSet. The company also reported an adjusted net loss of 36 cents per share, better than analyst estimates for a loss of 42 cents per share.
Read more: GameStop’s NFT Marketplace Opening Week Sales Eclipse Coinbase Volume
UPDATE (Sept. 7, 20:49 UTC): Added information on GameStop's earnings per share and updated the story subhead.
UPDATE (Sept. 8, 16:12 UTC): Added analyst commentary and Thursday's share price move.
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