GameStop CEO released a photo with Saylor, and the GME stock just rose 7%.

The CEO of the chain video game retailer GameStop, Ryan Cohen, posted a photo on X with the largest holder of Bitcoin, Michael Saylor, the co-founder of Strategy. Suddenly, the stock prices of GameStop and MicroStrategy soared, with GameStop rising by over 7%, and Strategy, also known as MicroStrategy, rising by 4%.

GameStop is the favorite stock for short-term traders. It once caused a viral meme stock frenzy on the internet due to a group of loyal customers on Reddit who did not want the childhood favorite video game store to close. They rallied a large number of retail investors to buy GameStop stock, creating a story of small investors toppling the Wall Street wolves, which many retail investors joyfully regard as a legend.

Ryan Cohen uploaded a photo of him with Michael Saylor on X over the weekend, sparking people's imagination about whether GameStop will have any collaboration with Bitcoin or Strategy.

In recent years, this video game retailer has expanded its business to provide digital services and offers encrypted wallets to customers to manage their cryptocurrencies and NFTs. However, GameStop later closed its digital asset services in 2023 due to regulatory uncertainty surrounding cryptocurrencies.

Chewy's co-founder Cohen bought shares of GameStop in 2020 and joined the board in 2021, when GameStop became one of the meme stocks that suddenly surged in the WallStreetBets trading frenzy.

Cohen's e-commerce experience has led consumers to believe that there is a chance to lead GameStop towards transformation, revive the old brand, bring back loyal customers and new customers to retail stores, and also rekindle the impression of the GameStop brand, to purchase game products from the official website.

Strategy vigorously promotes the company's Bitcoin purchasing strategy, and Michael Saylor also has a group of loyal retail fans. In the past year, Strategy has raised billions of dollars through the sale of stocks or convertible bonds, with the sole purpose of buying more Bitcoin. Last week, Strategy stated that with the large-scale acquisitions that began during the US presidential election, the financing target has been nearly half achieved. As of Monday, Strategy's balance sheet showed holdings of approximately $47 billion worth of Bitcoin, accounting for about 2.5% of the total supply.

Who is Ryan Cohen, the current CEO of GameStop?

Ryan Cohen is a Canadian entrepreneur who founded the e-commerce company Chewy in 2011 and served as CEO. He is very active on social media and was recruited by the board of directors after investing heavily in GameStop stocks. He was appointed as CEO of GameStop and actively led the company's transformation. He has developed cryptocurrency wallets and extended digital services, but due to the uncertain future of cryptocurrency policies, he had to suspend operations and close the department. Ryan Cohen has a strong influence on internet meme stocks and is called the king of memes by retail investors.

The article GameStop CEO released a photo with Saylor, and the GME stock in the US stock market rose 7% first appeared on Chain News ABMedia.