Retail investors on Stocktwits debated whether GameStop’s latest stock rally is driven by genuine crypto ambitions or mere speculation following Ryan Cohen’s recent meeting.

GameStop Inc. (GME) stock jumped more than 8% on Monday amid speculation that the struggling video game retailer might be considering a Bitcoin-related initiative.

The speculation was fueled by GameStop CEO Ryan Cohen posting a photo over the weekend with Strategy founder Michael Saylor. 

MicroStrategy, now called Strategy, is the largest corporate holder of Bitcoin, with more than 471,000 BTC on its balance sheet.

GameStop previously explored cryptocurrency ventures but retreated in 2023 when it shut down its digital asset wallet business, citing "regulatory uncertainty." 

The wallets had enabled users to send, store, and trade cryptocurrencies and non-fungible tokens (NFTs). The company's exit from the crypto space came after its brief foray into the NFT marketplace in 2022.

GameStop Sentiment and Message Volume on Feb.10 as of 1:55 p.m. ET | Source: Stocktwits

Despite Monday’s rally, retail sentiment on Stocktwits remained ‘bearish’ with ‘low’ levels of chatter. 

Some users speculated that if the stock could gain 8% on unverified speculation, an actual announcement could provide a more significant boost.

Cohen, who founded online pet retailer Chewy, first bought shares in GameStop in 2020 and joined its board in 2021. His involvement coincided with the Reddit-driven WallStreetBets meme stock frenzy, which sent GameStop shares soaring by more than 2,500% over the past five years. 

However, despite Cohen’s leadership, the company has struggled to turn around its brick-and-mortar retail business, and its stock remains highly volatile.

GameStop shares have also been influenced by “Roaring Kitty,” the online alias of Keith Gill, the investor who played a pivotal role in the 2020 meme stock rally.

Saylor, who co-founded MicroStrategy in 1989 as a software and tech consulting firm, has become one of Bitcoin’s most vocal corporate advocates. 

Last week, he rebranded MicroStrategy to Strategy after selling over $350 million worth of stock in 2024.

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