GameStop Corp GME shares are trading higher Monday after CEO Ryan Cohen posted a picture with MicroStrategy Inc’s MSTR Michael Saylor.

What Happened: Cohen posted a picture with Saylor on X over the weekend, which appears to have sparked speculation that the company could be leaning further into Bitcoin BTC/USD.

MicroStrategy, which recently rebranded to “Strategy,” is the largest corporate holder of Bitcoin. GameStop previously made a push into the crypto space with the launch of wallets that let users manage crypto and non-fungible tokens (NFTs) and also provided access to GameStop's NFT marketplace. However, the company closed down the offering in 2023 due to “regulatory uncertainty.”

GameStop reported third-quarter financial results in December. The company included a note in the filing showing that it was freeing up Cohen to bet on stocks in order to improve the company’s financial standing.

“We have traditionally invested our excess cash in investment grade short-term fixed income securities, which consist of U.S. government and agency securities and time deposits,” the company said.

“On December 5, 2023, the Board of Directors approved a new investment policy that permits the Company to invest in equity securities, among other investments.”

Check This Out: Strategy Acquires 7,633 Bitcoin For $742.4 Million, Boosts Holdings To 478,740 BTC

GameStop said in the filing that Cohen would lead the investment activity for GameStop in public and private markets. Cohen is the company’s largest shareholder with approximately an 8.2% stake.

The photo also follows a regulatory filing from the end of January showing that Cohen transferred ownership of more than 36.8 million GameStop shares from RC Ventures LLC to his personal name. The move sparked speculation on social media that Cohen could be considering a merger or acquisition for GameStop, among other possibilities.

GameStop has been one of the most popular retail stocks in recent years ever since the historic 2021 meme stock craze that saw GameStop and other heavily shorted names squeeze higher. Meme stock trader Keith Gill, also known as "Roaring Kitty,” has continued to influence GameStop price action with cryptic posts on X.

Gill’s latest post on Jan. 22 featured a dog hanging out on a sidewalk outside of a pizza shop. The song "I Will Wait For You," sung by Connie Francis, plays throughout as the dog appears to be waiting for something. GameStop shares briefly popped on the post.

GME Price Action: GameStop shares are up approximately 83% over a one-year period. The stock was up 7.86% at $26.67 at the time of publication Monday, according to Benzinga Pro.

Photo: Shutterstock.