Shares of GameStop Corp. are up 10% Monday after Chief Executive Ryan Cohen posted a picture of himself with Michael Saylor, the executive chair of Strategy Inc., on social media over the weekend.

GameStop's stock is on pace for its biggest daily percentage gain since Dec. 11, 2024, when it rose 7.6%.

The post sparked speculation on social media that videogame retailer and original meme stock GameStop $(GME)$ may be planning a strategy around bitcoin (BTCUSD).

GameStop has not yet responded to a request for comment.

Saylor, the co-founder and executive chair of Strategy - the business-software company and cryptocurrency play that earlier this month changed its name from MicroStrategy $(MSTR.AU)$ - is a prominent figure in cryptocurrency. The company said last week that it is almost halfway through its plan to buy $42 billion worth of bitcoin.

Strategy shares are up 2%.

Cohen, the founder and former CEO of online pet-supplies retailer Chewy Inc. $(CHWY)$, was named GameStop's CEO in September 2023. In December 2023, GameStop's board of directors approved a new investment policy permitting the company to invest in equity securities, among other things. The board gave Cohen the authority to manage the investment portfolio.

Shares of GameStop, like those of AMC Entertainment Holdings Inc. $(AMC)$, skyrocketed in 2021 during the meme-stock frenzy.

GameStop shares have risen 79.2% in the last 12 months, outpacing the S&P 500's SPX gain of 20.6%. Strategy shares are up 365.8% over the same period.