GameStop's stock rises after Ryan Cohen's social-media post sparks bitcoin chatter
By James RogersGameStop CEO Ryan Cohen posted the picture with former Microstrategy CEO Michael Saylor over the weekendAn earlier version of this article incorrectly described Michael Saylor as Strategy CEO. He's the former CEO of MicroStrategy, which recently changed its name to Strategy. The article has been corrected.Shares of GameStop Corp. are up 2.9% in premarket trades after Chief Executive Ryan Cohen posted a picture with former MicroStrategy Inc. CEO Michael Saylor on social media over the weekend.The post sparked speculation on social media that videogame retailer and original meme stock GameStop (GME) may be planning a strategy around bitcoin (BTCUSD).GameStop has not yet responded to a request for comment.Related: Forget the 'Magnificent 7.' These 'MAGA 7' stocks have soared since Trump's election.MicroStrategy co-founder Saylor, is a prominent figure in cryptocurrency. Business-software company and cryptocurrency play Strategy (MSTR) changed its name from MicroStrategy earlier this month and said last week that it is almost halfway through its plan to buy $42 billion of bitcoin. Saylor is Strategy's executive chairman.Strategy shares are up 1.7% in premarket trades.Cohen, the former Chewy Inc. (CHWY) CEO and founder, was named GameStop's CEO in September 2023. In December 2023, GameStop's board of directors approved a new investment policy permitting the company to invest in equity securities, among other investments. The board gave Cohen the authority to manage the investment portfolio.Related: Roaring Kitty makes cryptic 'Futurama' post. Everyone is trying to figure it out.Shares of GameStop, like AMC Entertainment Holdings Inc. (AMC), skyrocketed in 2021 in the meme-stock frenzy.GameStop shares have risen 67.9% in the last 12 months, outpacing the S&P 500 index's SPX gain of 19.9%. Strategy shares are up 356.5% over the same period.-James RogersThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.