Video game retailer GameStop Corporation ( GME ) continues to trend Tuesday, weeks after the return of Roaring Kitty on social media drew increased interest in the stock.

What Happened: Shares of GameStop ( GME ) fell after the retailer announced preliminary first-quarter financial results and filed for an at-the-market share offering. While many saw a share offering as a negative and a case of taking advantage of the recent share price spike, investors may be singing a different tune this week.

Shares of GameStop ( GME ) rallied in Friday’s aftermarket session ahead of the long holiday weekend, with the markets closed Monday for Memorial Day. The company said it completed an at-the-market equity offering program.

GameStop ( GME ) sold 45 million shares under the plan, with aggregate gross proceeds of $933.4 million, representing a share price of around $20.74.

The company said it intends to use the net proceeds from the offering for "general corporate purposes, which may include acquisitions and investments."

Related Link: GameStop Shares Fall On Offering: ‘One Shouldn't Buy Stocks Just Because They Are Going Up,' Fund Manager Says

Why It's Important: While Roaring Kitty may have headed for the exits once again, investors appear to be eager to see what GameStop ( GME ) has up its sleeve.

The company raised nearly $1 billion in cash to add to its war chest. While the cash may be a way to hedge operations that have frequently posted quarterly losses, the cash could also be put to work to turn around the company.

The video game sector is seeing a shift to digital games, which has been an issue highlighted by GameStop ( GME ) bears for years. While the same can be said today, the demise of the physical video game — and GameStop ( GME ) — has likely been delayed.

The video game retailer has worked to diversify by expanding its collectables offerings in stores and recently announced Pokemon trading cards as a new growth initiative.

GameStop ( GME ) stock is trending on WallStreetBets Tuesday, the popular sub-Reddit that helped boost the stock in 2021.

Investors appear most excited for acquisitions by the company, which was hinted at in the wording of the share offering. GameStop ( GME ) could look to expand its operations in the video game sector, perhaps digital games, or look for another potential complimentary area to diversify for the future.

Jim Cramer, who previously said GameStop ( GME ) would be silly not to do a share offering, joked on X that the company "now has enough cash to become something other than GameStop ( GME )."

Another item to keep in mind is GameStop ( GME ) announcing last year that its CEO Ryan Cohen, a well-known activist investor, now has additional control over the company's cash holdings. Cohen is able to buy and sell stocks and make other investments.

"On December 5, 2023, the Board of Directors approved a new investment policy that permits the Company to invest in equity securities, among other investments," the company said previously.

GameStop’s filing didn't mention cryptocurrency like Bitcoin (CRYPTO: BTC), but investors are excited for the potential for cryptocurrency investment.

Investors would love to see Cohen invest a portion or all of the company's cash into Bitcoin and turn GameStop ( GME ) into a similar trading vehicle to MicroStrategy, whose former CEO and current Chairman Michael Saylor began buying up Bitcoin with the company's cash.

GameStop ( GME ) is expected to report first-quarter financial results in June. While the company pre-announced its revenue and earnings, investors will be eagerly awaiting to see where the cash balance stands and if the company put any of its cash to use.

GME Price Action: GameStop ( GME ) shares are up 30.97% to $24.91 on Tuesday versus a 52-week trading range of $9.95 to $64.83.

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