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NRIPage | Articles | GameStop and MicroStrategy Stocks Surge After Ryan Cohen’s Photo With Michael Saylor | Get Latest International News & Updates. Your Source for World Events and Updates - NRI Page
GameStop and MicroStrategy Shares Rise After Ryan Cohen’s Photo With Michael Saylor
Shares of GameStop and MicroStrategy saw an uptick on Monday after Ryan Cohen, CEO of the video game retailer, posted a photo with Michael Saylor, co-founder and chairman of the largest corporate holder of bitcoin.
GameStop, a favorite among day traders and meme stock enthusiasts, climbed more than 7%, while MicroStrategy, which recently rebranded as “Strategy,” saw its shares rise as much as 4%. The photo, uploaded by Cohen over the weekend on X, sparked speculation that GameStop may be considering a renewed strategy involving cryptocurrency. By the latest trading session, MicroStrategy shares were up by 1%.
GameStop’s History With Crypto
The video game retailer had previously ventured into digital services, offering crypto wallets that allowed users to manage cryptocurrency and nonfungible tokens. However, the company shut down the service in 2023, citing regulatory uncertainty.
Cohen, who co-founded Chewy, purchased shares in GameStop in 2020 and joined its board in 2021 amid the stock’s rise as a key player in the WallStreetBets meme trading frenzy. His background in e-commerce initially fueled hopes that he could help modernize GameStop’s operations. However, the company continues to struggle with adapting to evolving consumer spending habits in the gaming industry. The stock remains highly volatile and speculative, with meme stock influencer “Roaring Kitty” continuing to drive interest among retail investors.
MicroStrategy’s Aggressive Bitcoin Strategy
Saylor’s company, Strategy, has also cultivated a strong retail investor following, largely due to its aggressive approach to acquiring bitcoin. Over the past year, the firm has raised billions of dollars through stock and convertible bond sales, using the capital solely for bitcoin purchases.
Last week, Strategy announced that it is nearly halfway to reaching its ambitious capital-raising target, following a significant bitcoin-buying spree during the postelection rally. As of Monday, the company holds approximately $47 billion worth of bitcoin on its balance sheet, representing around 2.5% of the total bitcoin supply.
