Shares of GameStop are continuing their rally Friday, as the videogame retailer is being recognized as a bitcoin play.

The stock climbed 5.2% toward a four-month high in morning trading, after running up 10% in the previous session.

The gains have been no company news, but have been lifted by the rising price of bitcoin, which hit an all-time intraday $111,986.44, and an all-time closing high of $111,226.68 on Thursday, Dow Jones Market Data show.

Bitcoin was at $110,773 in recent trading.

GameStop has thrown its weight behind the cryptocurrency. Earlier this year, the company’s board unanimously approved an update to its investment policy to add bitcoin as a treasury-reserve asset. The move was not completely out of the blue, as bitcoin buzz had been swirling around the videogame retailer and its chief executive, Ryan Cohen.

In February, Cohen posted a picture of himself with Michael Saylor, the executive chair of software company and bitcoin play MicroStrategy Inc. — doing business as Strategy — which has held bitcoin as its primary treasury-reserve asset since 2020.

Thursday’s gain was GameStop’s biggest daily percentage increase since April 4, when the stock rose 11.3%.

GameStop’s stock may have more room to run, given bitcoin’s recent strength. Bitcoin has soared 17.6% in May, while GameStop’s stock has climbed 10.8%.

GameStop was the second most trending ticker on Stocktwits, a social platform for investors and traders, on Thursday. Stocktwits also noted that sentiment had jumped to “bullish” on the name on the platform.

GameStop shares, like those of movie-theater chain AMC Entertainment Holdings Inc., soared in 2021 amid the meme-stock frenzy. However, the company has seen declining sales in recent years, as well as intense competition from digital gaming and streaming.

The videogame retailer posted its third consecutive quarterly profit in its fiscal fourth-quarter results in March. The company ended the quarter with cash, cash equivalents and marketable securities of $4.775 billion, up from $1.199 billion at the end of the same period last year.

GameStop shares are down 1.5% in 2025 through Thursday. The Coindesk Bitcoin Price Index XBX is up 18.83% year to date, according to Dow Jones Market Data.