Why a Social Media Post Boosted GameStop, MicroStrategy Stocks Monday

Key Takeaways

Shares of GameStop ( GME ) and MicroStrategy ( MSTR )—which last week rebranded as Strategy—climbed Monday after a picture of executives from the companies was posted to social media over the weekend.

GameStop CEO Ryan Cohen posted a picture early Saturday morning of himself with Michael Saylor, co-founder of Strategy, the largest corporate holder of Bitcoin ( BTCUSD ).

Cohen joined GameStop's board in 2021 and became CEO of the video game retailer in 2023, after the co-founder of Chewy ( CHWY ) took an interest in the company during the meme stock craze that sent GameStop shares to record levels in early 2021.

The photo of the pair together drew speculation GameStop could be considering entering the cryptocurrency space, with over 1,600 responses to the post on X as of Monday. GameStop and Strategy did not immediately respond to a request for comment.

Separately on Monday, a regulatory filing from Strategy revealed the company bought even more bitcoin last week. The company has holdings of 478,740 bitcoin after last week's purchases, worth about $46.4 billion at the cryptocurrency's Monday price just over $97,000.

GameStop shares jumped nearly 10% Monday, while shares of Strategy added about 2%.

UPDATE—Feb. 10, 2025: This article has been updated to reflect additional information and more recent share price values.

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