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GameStop Shares Soar 9% After CEO Ryan Cohen Posts Photo With Michael Saylor Amid Bitcoin Speculation
GMEGameStop(GME) Forbes·2025-02-10 21:48

Core Insights - GameStop shares surged over 9% on Monday, closing at 27.15,markingthehighestclosingpricethismonth,followingaphotopostedbyCEORyanCohenwithBitcoininvestorMichaelSaylor[1][2][3]−Despitetherecentsurge,GameStop′sstockisdown1327.15, marking the highest closing price this month, following a photo posted by CEO Ryan Cohen with Bitcoin investor Michael Saylor [1][2][3] - Despite the recent surge, GameStop's stock is down 13% year-to-date and has experienced a 16% decline over the past month [3][6] Company Developments - The share price increase is linked to speculation regarding GameStop's potential cryptocurrency strategy, as the company has previously ventured into the cryptocurrency space, including a now-defunct cryptocurrency wallet launched in 2022 [2][6] - GameStop's stock has been volatile, having surged 85% in a turbulent trading year in 2024, with a notable peak of 48.75 last year [6] Market Context - MicroStrategy, the company co-founded by Saylor, also saw a stock increase of over 2% on Monday, with shares up 15% since the beginning of the year [4] - Saylor's net worth is estimated at 8.5billion,reflectinga8.5 billion, reflecting a 111 million increase on the same day GameStop shares surged [5]