Famed investor Michael Burry, known for his prescient bet against the U.S. housing market before the 2008 financial crisis, disclosed Monday that he has been accumulating shares of GameStop and sees the stock as a long-term value opportunity.

“I own GME. I have been buying recently,” Burry wrote in a Substack post. He noted he expects to purchase near 1x tangible book value and praised the leadership of CEO Ryan Cohen, saying he is “willing to hold long-term.”

Shares of the video game retailer surged more than 6% following the news. Burry emphasized that his investment is not a bet on another meme-stock short squeeze, but rather confidence in Cohen’s strategy to transform the company.

“Ryan is making lemonade out of lemons,” Burry wrote. “He has a crappy business, and he is milking it best he can while taking advantage of the meme stock phenomenon to raise cash and wait for an opportunity to make a big buy of a real growing cash cow business.”

GameStop, which became the face of the 2021 retail trading frenzy, has since used periods of heightened interest to raise billions through stock offerings, building a significant cash reserve. The company also began buying bitcoin last year, a move Burry acknowledged cautiously: “I do not know about this Bitcoin thing, but I cannot argue with what has been done so far.”

Cohen himself recently purchased 1 million shares of GameStop, stating in an SEC filing that it’s “essential” for a CEO to invest personal funds to align with stockholders.

Burry’s endorsement adds a notable voice to GameStop’s shareholder base as the company continues its pivot under Cohen’s leadership.