GameStop shares surged over 9% on Monday, a few days after the company’s CEO, Ryan Cohen, posted a photo of him alongside MicroStrategy co-founder and billionaire Bitcoin investor Michael Saylor, prompting speculation about the video game retailer’s cryptocurrency strategy.
Key Facts
- GameStop’s stock closed up 9.6% at $27.15 after trading as high as 10.2% on Monday, marking its highest closing price this month.
- The share surge follows a photo posted by Cohen on Friday, showing him standing alongside Saylor, a Bitcoin investor and the co-founder of MicroStrategy—the largest corporate Bitcoin owner.
- GameStop has forayed into cryptocurrency in the past and established a now-defunct cryptocurrency wallet in 2022 that sent shares rocketing in the days following its launch.
- Monday’s jump in shares helped GameStop’s stock recover from a February slump, though the video game retailer’s stock is still down over 16% in the past month.
- GameStop and MicroStrategy did not immediately respond to Forbes’ request for comment.
Tangent
MicroStrategy’s stock closed up a little over 2% on Monday at $334.62. The business intelligence company’s shares are up 15% since the start of the year.
Forbes Valuation
We estimate Saylor’s net worth at $8.5 billion following a $111 million increase Monday. Saylor owned at least 17,732 Bitcoin valued at about $1 billion as of August.
Key Background
GameStop shares are down 13% on the year after surging 85% in a volatile year of trading in 2024. The video game retailer’s stock has been a large player in the meme stock market over the last few years and jumped as high as $48.75 last year when Keith Gill, an investor who led Gamestop’s unprecedented surge in 2021, returned to the internet after going quiet for years.
This article was originally published on forbes.com and all figures are in USD.
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