TLDR:
- GameStop (GME) stock surged 9.66% to $27.12 on Monday following a photo shared of CEO Ryan Cohen meeting with MicroStrategy’s Michael Saylor, sparking cryptocurrency speculation
- The rally coincided with the return of Keith Gill (Roaring Kitty) to Twitter/X after a three-year absence
- GME has closed over 700 stores since 2020 due to pandemic impacts and shift to digital gaming
- The stock is down 10.8% year-to-date and trading 43.9% below its 52-week high of $48.75
- GME shares have shown high volatility with 54 moves greater than 5% over the past year
GameStop Corp. (NYSE:GME) shares surged 9.66% to close at $27.12 on Monday, driven by investor speculation following a photo of CEO Ryan Cohen meeting with MicroStrategy Chairman Michael Saylor. The stock movement came amid broader market gains, with major indices all closing in positive territory.
The meeting between Cohen and Saylor, whose company holds the largest corporate Bitcoin position, sparked immediate speculation about potential cryptocurrency initiatives at the gaming retailer. While no official statements were made about the purpose of the meeting, investors reacted strongly to the possibility of a new crypto strategy.
The timing of the rally coincided with the return of Keith Gill, known online as “Roaring Kitty,” to Twitter/X after a three-year absence. Gill gained fame during GameStop’s previous stock market surges as a key figure in the retail trading community.
GameStop’s previous venture into cryptocurrency came in 2022 when the company launched a cryptocurrency wallet. That initiative, which has since been discontinued, had also triggered a sharp increase in the company’s share price at the time of its announcement.
The broader market context saw positive performance across all major indices. The Dow Jones Industrial Average rose 0.38%, while the S&P 500 gained 0.67%. The Nasdaq showed the strongest performance with a 0.98% increase.
Trading volume in GME stock was notable during Monday’s session, reflecting heightened investor interest in the potential crypto development. The stock has experienced high volatility over the past year, with 54 moves greater than 5% during that period.
Despite Monday’s gains, GameStop’s stock remains down 10.8% since the start of 2025. The current share price of $27.12 sits 43.9% below its 52-week high of $48.75, reached in May 2024.
Physical Store Closings
The company continues to face challenges in its traditional retail business. Since 2020, GameStop has closed more than 700 physical stores, often with minimal advance notice. These closures reflect the ongoing impact of the COVID-19 pandemic and the broader shift toward digital game sales.
The transition in the gaming industry has put pressure on GameStop’s traditional business model. Video game makers are increasingly moving toward digital-only access for their products, reducing the need for physical retail locations.
For long-term investors, the stock has shown remarkable returns over a five-year period. An investment of $1,000 in GameStop shares five years ago would now be worth approximately $27,777.
Monday’s market reaction suggests investors see potential value in a crypto strategy, despite the challenges in the company’s core business. The stock movement occurred against the backdrop of President Donald Trump’s recent implementation of tariffs on steel and aluminum products from Canada and Mexico.
The day’s trading activity placed GameStop among the top performers in stocks with market capitalizations above $2 billion and daily trading volumes exceeding $5 million.
Market observers noted that while the 9.66% increase was substantial, it falls within the pattern of volatility that GME stock has shown over the past year. The market appears to view the Cohen-Saylor meeting as meaningful news, though not necessarily a fundamental change to the company’s business outlook.
The stock closed at $27.15, marking one of its strongest single-day performances in recent months.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
