Shares of GameStop and MicroStrategy increased following a photo posted by GameStop CEO, Ryan Cohen, with MicroStrategy’s co-founder and chairman, Michael Saylor. GameStop, known for being a favorite meme stock among day traders, saw a 7% rise in shares, while MicroStrategy, now rebranded as “Strategy,” experienced a 4% increase. Cohen’s photo with Saylor led to speculation that GameStop might be considering a new strategy involving cryptocurrency.
GameStop had previously ventured into digital services by offering crypto wallets but ceased the service in 2023 due to regulatory uncertainties. Cohen, who bought shares in GameStop in 2020 and joined the board in 2021, has been seen as potentially helping the company modernize. However, GameStop still faces challenges in adapting to changes in consumer habits. The stock remains volatile and speculative, with retail investors being influenced by meme stock personality “Roaring Kitty.”
MicroStrategy, known for its aggressive bitcoin-buying strategy, has raised billions through stock sales or convertible bonds to purchase more bitcoin. The company holds approximately $47 billion worth of bitcoins on its balance sheet, representing about 2.5% of the total supply. Last week, MicroStrategy announced progress towards its capital-raising goal and continues to engage in buying bitcoin. Retail investors have shown interest in both GameStop and MicroStrategy due to their strategies in the cryptocurrency space.
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