GameStop (NYSE:GME) stock is getting a boost on Thursday as positive news throughout the last few days has investors excited for a split next week.
First, let’s talk about that stock split. GameStop is undergoing a stock split on July 22 that will have it splitting individual shares of GME stock into four shares instead. This will lower the price of the video game retailer’s shares, which opens it up to more traders.
So what does that mean for current investors in GME stock? When the split goes into effect, the price of GME stock will be cut to a fourth of its previous value. However, holders will receive three additional shares of GME stock at that same time. Basically, it means the stock price lowers and more shares are created, without affecting shareholders’ stakes in the company.
Next up, we have to discuss the company’s non-fungible token (NFT) plans. GameStop has been working to rebrand itself from just a brick-and-mortar video game retailer. As part of that effort, it’s diving into the crypto game with an NFT marketplace.
GameStop launched its NFT marketplace to the public this week with a beta test. This lets users buy, sell, and trade NFTs on the platform with cryptocurrency. They can link their own crypto wallets to the exchange, or make a new GameStop Wallet. Investors have reacted positively to the launch despite it taking place during a crypto crash.
GME stock is up 4.6% as of Thursday afternoon.
There’s more stock market news investors will want to know about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.