TLDR
- GameStop shares jumped 10% following social media post showing Cohen and Saylor meeting
- Board gave Cohen investment control in December 2023, leading to market speculation
- Strategy holds $50 billion in Bitcoin and plans $42 billion additional investment
- Binance’s Gambaryan spent 8 months in Nigerian prison under harsh conditions
- After health deteriorated, Gambaryan was released in October 2024 with charges dropped
A single photograph posted on social media sent GameStop’s market value soaring by over a billion dollars on Monday, February 10, 2025. The image showed GameStop CEO Ryan Cohen meeting with Michael Saylor, the executive chair of Strategy Inc., triggering immediate market reaction.
The meeting between these two business leaders sparked widespread discussion across trading platforms and social media channels. GameStop’s stock price responded with a 10% increase, marking its most substantial daily gain since mid-December 2024.
Cohen, who took over as GameStop’s CEO in September 2023, brings a track record of digital innovation from his previous role as founder of Chewy Inc. His leadership at GameStop has already shown signs of strategic shifts, particularly following the board’s December 2023 decision to grant him control over the company’s investment portfolio.
Strategy Inc., previously known as MicroStrategy, has established itself as the leading corporate Bitcoin holder worldwide. The company currently maintains a Bitcoin treasury worth approximately $50 billion, representing ownership of more than 470,000 bitcoins.
The timing of Cohen’s meeting with Saylor has drawn particular attention from market analysts. Strategy recently unveiled plans to expand its Bitcoin holdings by an additional $42 billion, demonstrating its continued commitment to cryptocurrency investment as a core business strategy.
GameStop’s previous ventures into digital assets included a cryptocurrency wallet service for non-fungible tokens. However, the company suspended this initiative in 2023, citing unclear regulatory frameworks in the digital asset space.
The transformation of Strategy from a traditional software company to a Bitcoin-focused enterprise began in 2020. The company’s recent name change from MicroStrategy to Strategy reflects its evolved business model, centered around Bitcoin acquisition and holding.
Market observers note that GameStop’s board approved a new investment policy in December 2023, permitting the company to invest in various equity securities. When asked about potential Bitcoin-related plans following the Cohen-Saylor meeting, GameStop representatives declined to comment.
In parallel developments within the cryptocurrency sector, recently released text messages have revealed details about former Binance executive Tigran Gambaryan’s imprisonment in Nigeria. The messages, published by Wired magazine, paint a stark picture of his eight-month detention in Kuje prison.
Gambaryan’s texts describe severe health challenges during his confinement. He battled a dangerous 104-degree fever while dealing with complications from an existing spine injury. His condition became so severe that he required blood-thinning medication to prevent clots caused by limited mobility.
Despite strict surveillance, Gambaryan maintained outside contact through a concealed phone. His communications became more restricted after another Binance colleague, Nadeem Anjarwalla, escaped from a government facility and left Nigeria.
Before his transfer to Kuje prison, Gambaryan recorded a video message seeking help. “I’ve been a cop my whole life,” he stated in the March 2024 recording, appealing to both Nigerian and U.S. authorities for assistance.
Throughout his detention, Gambaryan’s health continued to decline. Court appearances became increasingly difficult, requiring him to use crutches. Video footage from one hearing captured his frustrated demand for wheelchair access, emphasizing his deteriorating physical condition.
The Nigerian court system finally ordered Gambaryan’s release on October 23, 2024. The government dropped all charges, allowing him to leave the country for medical treatment after paying a $2,000 fine for visa violations.
Following his release, Gambaryan expressed interest in returning to government service. He also indicated plans to pursue legal action against the Nigerian government regarding his treatment during detention, stating firmly, “I wanted justice. And I still do.”
GameStop’s stock performance over the past year shows a 79.2% increase, surpassing the S&P 500’s 20.6% gain. Meanwhile, Strategy’s shares have experienced a 365.8% rise during the same period, reflecting strong market confidence in their Bitcoin-focused strategy.
During his prison stay, Gambaryan found ways to maintain family connections despite his circumstances. Text messages reveal he would often speak with his daughter late at night while she played video games, creating moments of normalcy amid his challenging situation.
The convergence of these events highlights the evolving landscape of traditional gaming retail and cryptocurrency markets, while underscoring the personal costs some executives have faced in the industry’s development.
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
