Key Takeaways
- Shares of GameStop and MicroStrategy each jumped Monday morning following a social media post over the weekend.
- GameStop CEO Ryan Cohen posted a picture early Saturday of himself with MicroStrategy cofounder Michael Saylor, sparking speculation over GameStop’s potential crypto plans.
- MicroStrategy, which last week said it was rebranding itself to Strategy, also bought more Bitcoin over the last week.
Shares of GameStop (GME) and MicroStrategy (MSTR)—which last week rebranded itself as Strategy—each rose Monday morning after a picture of executives from the companies was posted to social media over the weekend.
GameStop CEO Ryan Cohen posted a picture early Saturday morning of himself with Michael Saylor, co-founder of Strategy, the largest corporate holder of Bitcoin (BTCUSD).
Cohen joined GameStop’s board in 2021 and became CEO of the video game retailer in 2023, after the co-founder of Chewy (CHWY) took an interest in the company during the meme stock craze that sent GameStop shares to record levels in early 2021.
The photo of the pair together drew speculation from other X users that it could be an indication that GameStop is considering entering the cryptocurrency space, with over 1,600 responses to the post as of Monday morning.
Separately on Monday, a new regulatory filing from Strategy revealed that the company bought even more bitcoin last week. The company has holdings of 478,740 bitcoins after last week’s purchases, worth about $46.4 billion at the cryptocurrency’s Monday price of just over $97,000.
GameStop shares jumped more than 7% Monday morning, while shares of Strategy were up less than 1%.