MW GameStop's stock rises after Ryan Cohen posts picture with Strategy CEO, sparking bitcoin chatter

By James Rogers

GameStop CEO Ryan Cohen posted the picture with Strategy Chief Michael Saylor over the weekend

Shares of GameStop Corp. are up 2.9% in premarket trades after Chief Executive Ryan Cohen posted a picture with Strategy Inc. CEO Michael Saylor on social media over the weekend.

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

GameStop has not yet responded to a request for comment.

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

Strategy shares are up 1.9% in premarket trades.

Cohen, the former Chewy Inc. $(CHWY)$ CEO and founder, 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 investments. The board gave Cohen the authority to manage the investment portfolio.

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

GameStop shares have risen 67.9% in the last 12 months, outpacing the S&P 500 index's SPX gain of 19.9%. Strategy shares are up 356.5% over the same period.

-James Rogers

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February 10, 2025 07:36 ET (12:36 GMT)

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