By George Glover
GameStop stock was rising on Monday after a social-media post by CEO Ryan Cohen sparked ideas that the videogame retailer might be planning a Bitcoin initiative.
Shares, which trade under the ticker GME, were up 3% to $25.48 in premarket trading. Futures tracking the benchmark S&P 500 index climbed 0.5%.
The gains came after GameStop chairman and CEO Ryan Cohen posted a picture of himself with Strategy co-founder Michael Saylor on X.
Cohen didn't explain why he met with Saylor, and GameStop didn't immediately respond to a request for comment from Barron's. But it is probably fair enough to assume the two discussed Bitcoin, given that Saylor's company, known as MicroStrategy until it was rebranded last week, is the world's biggest institutional holder of the cryptocurrency, with a position worth about $50 billion.
GameStop is best known for a surge in its stock price in early 2021, when retail investors piled in, forcing traders who had bet the shares would fall to buy in order to close out those bets. The rally was among the first of the so-called meme-stock frenzy.
Returns have been so-so since then. The stock was down 21% so far in 2025 as of the close of trading on Friday.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 10, 2025 08:55 ET (13:55 GMT)
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