GameStop’s shares surged over 7% on Monday after CEO Ryan Cohen posted a photo with Michael Saylor, co-founder of MicroStrategy. This followed weeks of speculation about potential crypto strategies for the video game retailer.
In recent years, GameStop has expanded its digital services, including crypto wallets that allow users to manage their cryptocurrency and NFTs. However, the company shut down this service in 2023 due to regulatory uncertainty.
Cohen, who co-founded Chewy and joined GameStop’s board in 2021, brought his e-commerce expertise to the table, but the company still struggles with adapting to changing gamer spending habits. Trading in GameStop shares remains volatile, fueled by speculation from retail investors such as meme stock personality “Roaring Kitty.”
Meanwhile, MicroStrategy’s shares rose 2.6% on Monday. The firm has been aggressively buying bitcoin, raising billions through stock sales or convertible bonds. As of Monday, MicroStrategy holds around $47 billion worth of bitcoins, about 2.5% of the total supply.
The recent uptick in GameStop and MicroStrategy shares follows weeks of anticipation surrounding potential crypto plays by both companies. With these moves, investors are watching closely to see how these firms navigate their digital asset strategies in the coming months.
Source: https://www.cnbc.com/2025/02/10/gamestop-microstrategy-shares-rise-after-ryan-cohen-posts-photo-with-michael-saylor.html