The trader works on Friday, June 7, 2024 under the Gamestop Corp. sign on the floor of the New York Stock Exchange (NYSE) in New York, New York.
Michael Nuggle | Bloomberg | Getty Images
Shares in GameStop and MicroStrategy rose on Monday after video game retailer CEO Ryan Cohen posted a photo with Michael Saylor, co-founder and chairman of Bitcoin’s largest corporate holder.
Day trader’s favorite meme stock GameStop has risen by over 3%, while MicroStrategy, which has recently been rebranded as a “strategy,” has seen its stock rise by 2.6%. Cohen uploaded photos on X over the weekend, sparking speculation that GameStop was plotting another strategy around Crypto.
Video game companies have expanded to digital services in recent years by providing crypto wallets that allow users to manage crypto and flexible tokens. However, the company stopped services in 2023, citing “regulatory uncertainty.”
Cohen, a co-founder of Chewy, bought shares at GameStop in 2020 and joined the board of directors in 2021 as Gamestop became one of the key stocks in Wallstreetbets Meme Trading Mania.
His e-commerce experience has encouraged hopes that he could help modernize brick and mortar retailers, but the company is still struggling to adapt to changes in spending habits by gamers. Stock trading remains extremely volatile and speculative as meme stock personality Roaring Kitty continues to encourage retail investors to buy.
Saylor’s strategy also has a fan base of retail investors as the company promoted its aggressive Bitcoin purchase strategy. Over the past year, the company has raised billions of dollars through the sale of stocks or convertible bonds for the sole purpose of buying more Bitcoin.
Last week, he said the strategy is almost half of the goal of raising ambitious capital as he shopped through post-election rallies. As of Monday, the strategy had about $47 billion worth of Bitcoin on its balance sheet, about 2.5% of its total supply.
