GameStop's shares surged by over 9% on Monday following a photo shared by CEO Ryan Cohen alongside Michael Saylor, co-founder of MicroStrategy. This sparked speculation about GameStop's approach to cryptocurrencies. Despite being down 13% for the year, the stock closed at $27.15, reaching its highest price for the month.
In the past, GameStop introduced a cryptocurrency wallet in 2022 but ceased operations in 2023 due to regulatory uncertainties. The company continues to grapple with challenges in adjusting to market shifts. Concurrently, MicroStrategy's stock also rose by over 2% on Monday. Saylor's firm reportedly possesses approximately $47 billion in Bitcoin, as noted by Forbes.