MW GameStop's stock rises after CEO Ryan Cohen's social-media post sparks bitcoin chatter

By James Rogers

GameStop CEO posted a photo with Michael Saylor, the executive chair of Strategy, over the weekend

An earlier version of this article incorrectly described Michael Saylor as CEO of Strategy. He is the former CEO and current executive chair of the company, which recently changed its name from MicroStrategy.

Shares of GameStop Corp. rose nearly 10% on Monday after Chief Executive Ryan Cohen posted a picture of himself with Michael Saylor, the executive chair of Strategy Inc., on social media over the weekend.

GameStop's stock notched its biggest daily percentage gain since Dec. 11, 2024, when it rose 7.6%.

The post sparked speculation on social media that videogame retailer and original meme stock GameStop $(GME)$ may be planning a strategy around bitcoin (BTCUSD).

Related: Forget the 'Magnificent Seven.' These 'MAGA Seven' stocks have soared since Trump's election.

GameStop has not yet responded to a request for comment.

Saylor, the co-founder and executive chair of Strategy - the business-software company and cryptocurrency play that earlier this month changed its name from MicroStrategy $(MSTR.AU)$ - is a prominent figure in cryptocurrency. The company said last week that it is almost halfway through its plan to buy $42 billion worth of bitcoin.

Strategy shares gained 2% on Monday.

Related: Roaring Kitty makes cryptic 'Futurama' post. Everyone is trying to figure it out.

Cohen, the founder and former CEO of online pet-supplies retailer Chewy Inc. $(CHWY)$, was named GameStop's CEO in September 2023. In December 2023, GameStop's board of directors approved a new investment policy permitting the company to invest in equity securities, among other things. The board gave Cohen the authority to manage the investment portfolio.

Shares of GameStop, like those of AMC Entertainment Holdings Inc. $(AMC)$, skyrocketed in 2021 during the meme-stock frenzy.

GameStop shares have risen 79.2% in the last 12 months, outpacing the S&P 500's SPX gain of 20.6%. Strategy shares are up 365.8% over the same period.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 10, 2025 18:58 ET (23:58 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.