Key Points
- GameStop shares increased by nearly 7% following a photo shared by CEO Ryan Cohen with Michael Saylor, co-founder of Strategy.
- The photo sparked speculation about a possible connection between GameStop and Bitcoin.
CEO of GameStop, Ryan Cohen, shared a photo with Michael Saylor, the co-founder of Strategy, formerly known as MicroStrategy.
This event triggered a 7% increase in GameStop’s shares on Monday, with the price reaching $26.39, according to data from Google Finance.
Speculations Surrounding Bitcoin
The photo shared by Cohen on X did not provide any context, prompting speculation that GameStop might be exploring opportunities related to Bitcoin.
This speculation was fueled by Strategy’s recent interest in Bitcoin, which has caught the attention of investors.
Neither Cohen nor GameStop has made any public comments regarding these speculations.
GameStop’s Search for Positive Momentum
In 2021, GameStop became a popular meme stock when retail traders increased its price, causing a squeeze on short sellers.
This led to significant losses for those who had bet against the stock, including Melvin Capital, a hedge fund that lost around $7 billion after heavily shorting GameStop.
Despite the recent increase, GameStop’s shares have been underperforming.
Google Finance data shows a nearly 14% decline in GME shares in 2025, as investors remain unsure about the company’s future.
This uncertainty is due to GameStop’s ongoing efforts to transition away from its traditional video game retail business.