Key Takeaways
- Bill Gross believes GameStop’s trading behavior has matured and now “seems to mimic Bitcoin.”
- Despite past criticism, Gross still sees value in GameStop.
- Gross has criticized memecoins and NFTs for years, labeling them hype-driven and unsustainable.
Billionaire investor Bill Gross has praised GameStop’s recent trading behavior, suggesting that the stock is now mimicking Bitcoin’s price trajectory.
The remarks highlight a renewed focus on GameStop for Gross, a stock that earned him millions during its explosive 2021 rally.
They also may signal a subtle shift in his market outlook, despite his long-standing dismissal of meme coins as “lottery tickets.”
Renewed Focus on GameStop
Gross, often referred to as the “Bond King,” told Business Insider that GameStop is “much less volatile” than before.
The investor, who profited significantly from the 2021 GameStop boom, stated that the stock is no longer “behaving like a meme.”
The GameStop rally of early 2021 began as a grassroots movement led by retail traders on Reddit’s r/WallStreetBets.
In defiance of Wall Street hedge funds that were heavily shorting the struggling video game retailer, retail investors coordinated to buy shares and call options.
This triggered a short squeeze that pushed the stock price from under $20 to nearly $500 in a matter of weeks.
According to Gross, GameStop is still a “good candidate for option selling” and the stock now “seems to mimic bitcoin.”
Bitcoin vs. GameStop
Between January and April of this year, Bitcoin’s price dropped over 30%, hitting a low of $74,500.
However, the cryptocurrency rebounded and reached a new all-time high of $111,980 in May.
GameStop followed a similar pattern—rising toward the end of 2024, falling in early 2025, and bouncing back again in June.
Historically, GameStop’s stock rose from around $1 in 2020 to a peak of $121 in early 2021. Over the past year, it has been trading between $20 and $32.
But as GameStop has experienced a slowdown due to disappointing revenue results, Bitcoin looks set to keep climbing this year.
CCN analyst Valdrin Tahiri wrote that Bitcoin’s bounce back to $115,000 on Wednesday has “sparked fresh optimism that another all-time high could be just around the corner this month.”
Gross’s GameStop Bet
Gross placed a significant wager on GameStop by selling call options during the peak of its 2021 surge, anticipating that the meteoric rise would reverse.
Initially, the position appeared disastrous, reportedly putting him down between $10 million and $15 million.
However, Gross doubled down and held firm for the hype to subside.
His patience eventually paid off as he ultimately exited the trade with estimated profits of $10 million to $20 million.
Skepticism Toward Memecoins and NFTs
Gross has consistently criticized meme coin culture and NFTs over the years.
During the height of the GameStop frenzy, he described enthusiastic options buyers as “fish at the poker table” and likened the entire episode to “a dangerous game of musical chairs.”
He has also compared the NFT market to the Beanie Babies craze of the 1990s, dismissing it as pure hype.
Despite his reservations, Gross has maintained a small stake in the crypto space. In 2022, he disclosed that he owns Bitcoin.
“I simply think that, you know, the crypto coins are a bubble. I do think there are survivors,” Gross told CNBC. “…there will be several survivors and I’m invested to a small extent in bitcoin.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
