GameStop Corp. (GME) Cleaned Up The Balance Sheet, Says Jim Cramer

We recently published 10 Stocks On Jim Cramer’s Mind As He Gives Up On Becoming Fed Chair. GameStop Corp. (NYSE:GME) is one of the stocks Jim Cramer recently discussed.

GameStop Corp. (NYSE:GME), the original meme stock, saw its shares gain 3.8% during the recent meme stock mania that sent some stocks soaring by as much as 97%. Year-to-date, the stock has lost 23% primarily on the back of a massive 26.6% drop in June. GameStop Corp. (NYSE:GME)’s shares fell as the firm announced plans for a major convertible notes offering. Cramer’s previous comments about the firm have remarked that it is now completely a cryptocurrency company, which, despite being better than a brick-and-mortar video game retailer operating in a digital-led market, isn’t that big of an achievement. This time, he commented on GameStop Corp. (NYSE:GME)’s balance sheet:

“GameStop, was able to offer stock and clean up the balance sheet which was never that [inaudible]”

Previously, the CNBC TV host commented on GameStop Corp. (NYSE:GME)’s business model:

“After the close, we hear from GameStop, which has now gone all crypto. While that’s a lot better than being just a gaming retailer in secular decline, that’s not saying much. So you’ll see the gaming stuff, and then you’ll see the crypto stuff, and the crypto stuff is what’s going to drive this stock higher, probably. Now, we got a very popular IPO this week. It’s called Circle Internet Group, which is a crypto platform that buyers went crazy for, so crazy that it’s gotten people buzzing about crypto outfits coming public that might otherwise not have bothered. And maybe that’s what GameStop can tap into. Look, I’m not a buyer of this. I’m just pointing out the storyline.”

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Disclosure: None. This article is originally published at Insider Monkey.