GameStop interested in entering Bitcoin? CEO shares photo with Michael Saylor

2025.02.11

GameStop interested in entering Bitcoin? CEO shares photo with Michael Saylor

After the photo was released, GameStop's stock price rose 9.7% in a single day, temporarily halting its recent downturn.

2025.02.11 - 10:17:01

GameStop

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After the photo was released, GameStop's stock price rose 9.7% in a single day, temporarily halting its recent downturn.

Author: Ting, BlockTempo

You may recall the 2021 incident where retail investors took on Wall Street in the GameStop short squeeze. At the time, U.S. video game retailer GameStop was struggling due to an outdated business model and the impact of the COVID-19 pandemic, leading multiple Wall Street institutions to short the stock.

However, an X user known as TheRoaringKitty (real name Keith Gill) rallied retail investors online to buy shares of GameStop (GME) and fight back against Wall Street capital. The company's stock price surged from a low of $2.57 to $483 (an increase of about 190 times) in a short period, creating a historic moment where retail traders squeezed major Wall Street firms.

Is GameStop Considering a Move Into Bitcoin?

After its epic rise, GameStop's share price has declined in recent years, dropping close to $10 per share last April. Notably, GameStop CEO Ryan Cohen recently posted a tweet on the 8th featuring a photo with Michael Saylor, founder of Strategy (formerly MicroStrategy).

This sparked widespread market speculation over whether Cohen had discussed Bitcoin investment strategies with Saylor, or if GameStop might be considering entering the Bitcoin or broader cryptocurrency space.

Although Cohen has not publicly commented so far, GameStop’s inherent association with the "retail uprising" aligns well with crypto’s “anti-centralization, decentralized” ethos, making the potential synergy particularly intriguing to the market.

Additionally, possibly influenced by Cohen’s tweet, GameStop (GME) closed at $27.12 yesterday (the 10th), up 9.7%, temporarily halting its recent downward trend.

GameStop-Themed Meme Coin $GME Surges 51% in 24 Hours

Meanwhile, the GameStop-themed meme coin $GME on Ethereum also began rising after Cohen’s tweet, climbing from $0.0001032 to a high of $0.0002079—an increase of 101%. As of now, $GME is trading at $0.0002027, up 51.01% over the past 24 hours, with a market cap of $82.3 million.

In addition, the Solana-based GameStop meme coin GME has risen 8.54% over the past 24 hours; however, meme tokens linked to TheRoaringKitty have shown no significant movement.

Still, it remains unclear whether GameStop will make any actual move into Bitcoin. TechFlow reminds investors that meme coins are highly volatile—please proceed with caution.