From CNBC: 2025-02-10 09:40:30

Shares of GameStop and MicroStrategy surged after a photo was posted of GameStop’s CEO with MicroStrategy’s chairman, hinting at a possible crypto strategy. GameStop had previously offered crypto services but shut them down due to regulatory uncertainty. MicroStrategy, now known as Strategy, has aggressively bought billions of dollars worth of bitcoin.

GameStop’s CEO, known for his e-commerce background, joined the company’s board in 2021, hoping to modernize the brick-and-mortar retailer. However, GameStop still struggles to adapt to changing consumer trends. Trading in GameStop’s stock remains volatile, with retail investors influenced by meme stock personalities like “Roaring Kitty.”

Strategy, formerly MicroStrategy, has raised billions of dollars to buy bitcoin, holding around $47 billion worth on its balance sheet. The company has been actively buying bitcoin and is halfway to its capital-raising goal. Retail investors are drawn to Strategy’s aggressive bitcoin-buying strategy, mirroring GameStop’s appeal to day traders.

Read more: GameStop, MicroStrategy shares rise after Ryan Cohen posts photo with Michael Saylor