GameStop Corpshares surged 10% to $30.86 on Thursday, despite a lack of company-specific news for the session. The rally is potentially being driven by renewed retail enthusiasm and rising crypto market momentum asBitcoinhit arecord highabove $111,000. GameStop's strategic pivot toward digital assets earlier this year could be a focal point as well.

What To Know: Back in February, GME stock popped after CEO Ryan Cohen posted a photo with Strategy Chairman Michael Saylor, sparking speculation that GameStop was exploring a deeper involvement with Bitcoin.

Strategy is the largest corporate holder of Bitcoin. While GameStop shut down its NFT marketplace and crypto wallet offerings in 2023 due to regulatory concerns, the photo signaled a potential return to the space.

Those hints became reality in March when GameStop announced fourth-quarter earnings and revealed its board had unanimously approved Bitcoin as a treasury reserve asset. The update to its investment policy marked a major shift, aligning GameStop with other crypto-forward firms.

Although fourth-quarter revenue missed expectations at $1.283 billion, earnings of 30 cents per share handily beat forecasts, and net income more than doubled year-over-year to $131.3 million. The company ended the quarter with $4.78 billion in cash and equivalents.

GameStop did not hold a conference call to discuss results, but the crypto pivot and Cohen's increased personal control of over 36 million shares have fueled ongoing speculation. As Bitcoin drives broader market gains, GameStop's strategic moves and meme-stock status could be helping push its stock higher once again.