Shares of\u00a0GameStop\u00a0and\u00a0MicroStrategy\u00a0were on the rise Monday after Ryan Cohen, CEO of the video game retailer, posted a photo with Michael Saylor, co-founder and chairman of the largest corporate holder of bitcoin.<\/p>\n
GameStop, day traders\u2019 favorite meme stock, climbed more than 7%, while MicroStrategy, which recently rebranded as \u201cStrategy,\u201d saw shares rising as much as 4%. Cohen uploaded the photo over the weekend on X, sparking speculation that GameStop is plotting another strategy around crypto. MicroStrategy shares last traded up 1%.<\/p>\n
The video game company had expanded into digital services in recent years by offering crypto wallets that let users manage their crypto and nonfungible tokens. However, the firm shut the service down in 2023, citing \u201cregulatory uncertainty.\u201d<\/p>\n
Cohen, co-founder of\u00a0Chewy, bought shares in GameStop in 2020 and\u00a0joined the board\u00a0in 2021 as GameStop became one of the key stocks in the WallStreetBets meme trading mania.<\/p>\n
His e-commerce experience fueled hopes that he could help modernize the brick-and-mortar retailer, but the company still struggles to adapt to changing spending habits by gamers. Trading in the stock remains highly volatile and speculative as meme stock personality \u201cRoaring Kitty\u201d continues to spur buying from retail investors.<\/p>\n
Saylor\u2019s Strategy also has a fan base of retail investors as the firm touted its aggressive\u00a0bitcoin-buying strategy. In the past year, the firm has raised billions of dollars through the sale of stock or convertible bonds for the sole purpose of purchasing more bitcoin.<\/p>\n
Last week, Strategy said\u00a0it\u2019s almost halfway to its ambitious capital-raising goal\u00a0as it went on a buying spree throughout the postelection rally. As of Monday, Strategy holds roughly $47 billion worth of bitcoins on its balance sheet, about 2.5% of the total supply.<\/p>\n<\/p>\n
Shares of\u00a0GameStop\u00a0and\u00a0MicroStrategy\u00a0were on the rise Monday after Ryan Cohen, CEO of the video game retailer, posted a photo with Michael Saylor, co-founder and chairman of the largest corporate holder of bitcoin. GameStop, day traders\u2019 favorite meme stock, climbed more than 7%, while MicroStrategy, which recently rebranded as \u201cStrategy,\u201d saw shares rising as much as 4%. […]<\/p>\n","protected":false},"author":0,"featured_media":14793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/14792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=14792"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/14792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/14793"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=14792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=14792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=14792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}