GameStop briefly jumped because CEO Ryan Cohen said he received a letter urging him to buy bitcoin

Siri, play “The Letter” by The Box Tops.

Shares of GameStop briefly jumped about 2.5% after CEO Ryan Cohen tweeted, “Letter received,” to an article reporting that the head of Strive Asset Management was urging the company to buy bitcoin. The stock proceeded to give back all of that advance, and has been well in the red most of the session.

There’s always a tweet (usually). Speculation that the video game retailer would convert some of its ample liquid assets into bitcoin was first stoked by a picture Cohen tweeted with Strategy CEO Michael Saylor earlier this month, and picked up more steam after CNBC reported that the company was indeed mulling that possibility.

GameStop’s previous foray into crypto via an NFT marketplace was ill timed, and did not last long.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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