Will GameStop’s Bitcoin Bet Explode or Bomb?
Will GameStop’s Bitcoin Bet Explode or Bomb? 🤑
- GameStop plans to copy Strategy’s Bitcoin playbook
- Will meme stock GME explode like Metaplanet and MSTR did?
Oh, the absurdity! Our beloved GameStop, the video game retailer, has decided to ape Strategy’s (formerly MicroStrategy) Bitcoin playbook. Because, you know, what could possibly go wrong with copying someone else’s strategy? 🤔
It all began on Tuesday, when GameStop’s board, in a moment of sheer brilliance, unanimously approved adopting Bitcoin reserves as part of its corporate strategy. Because, you know, that’s exactly what the company needs – more debt and stock issuance. 💸
Market reactions
There were mixed reactions to the update, but we’re sure it’s just a coincidence that Michael Saylor, the pioneer of BTC strategy, called it a “step in the right direction.” I mean, who wouldn’t want to be associated with a company that’s about to make a fortune? 🤑
According to GameStop’s 10-K filing with the SEC, its groundwork for BTC adoption mirrors Strategy’s (MicroStrategy), including through debt and stock issuance. Ah, the classic “we’re not sure what we’re doing, but let’s do it anyway” approach. 🤷♂️
As of now, there are 88 public companies controlling a whopping 665,030 BTC as part of their Bitcoin strategy. And, of course, they’re the second-largest category of BTC holders after funds like ETFs, which have over 1.29M BTC. Because, you know, it’s not like they’re just following the herd. 🐑
Some analysts view the FOMO among companies as a net positive for BTC’s value due to growing demand, while others have opposite opinions. Ah, the classic “we’re not sure what’s going to happen, but let’s make some money” approach. 💸
“I made a claim that zombie companies like Gamestop ‘pulling a Saylor’ as a get out of jail card would be a clear topping signal.”
But wait, there’s more! Most firms that have adopted this strategy have seen massive pumps on their stocks. Strategy’s MSTR, for example, has rallied by over 2000% since adopting BTC in 2020, outperforming the crypto by 3.3x. And Metaplanet’s stock pumped by 2,240% since adopting BTC in April 2024. Will investors in the meme stock GME benefit from a similar windfall trend? Well, that remains to be seen. However, the stock was up 10% slightly after the U.S market opened on Wednesday. 📈
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2025-03-27 09:13