Bitcoin

GameStop Approves Adding Bitcoin To Treasury Reserves

Published

1 day ago

March 26, 2025

GameStop Corp. (NYSE: GME) announced that its board of directors has unanimously approved an update to the company’s investment policy, allowing Bitcoin to be held as a treasury reserve asset. The decision follows a series of engagements between GameStop Chairman and CEO Ryan Cohen and prominent figures like Michael Saylor in the Bitcoin industry.

On February 8, Cohen met with Strategy Chairman and well-known Bitcoin advocate Michael Saylor, sparking speculation that GameStop may be adding BTC to its balance sheet. A couple weeks after, Cohen responded to CoinDesk via a tweet stating “Letter received.” after receiving a letter from Strive Asset Management CEO Matt Cole, which urged GameStop to adopt Bitcoin as a reserve asset.

In its announcement, GameStop noted that its investment policy now permits investments in “certain cryptocurrency assets, including Bitcoin and U.S. dollar-denominated stablecoins.” The company also acknowledged associated risks, including the potential impact of these investments on its financial results and internal financial controls.

The policy update was disclosed alongside the company’s financial results for the fourth quarter and full fiscal year ended February 1, 2025.

For the fourth quarter, GameStop reported net sales of $1.283 billion, a decrease from $1.794 billion in the same period the prior year. Selling, general and administrative (SG&A) expenses fell to $282.5 million, compared to $359.2 million in the fourth quarter of the previous year. Net income for the quarter was $131.3 million, up from $63.1 million a year earlier. Adjusted EBITDA for the quarter was $96.5 million, compared to $88.0 million in the prior year’s fourth quarter.

GameStop also disclosed that it held $4.775 billion in cash, cash equivalents, and marketable securities at the end of the quarter. The company completed its exit from Italy and finalized the wind-down of store operations in Germany during this period.

For the full fiscal year 2024, GameStop reported net sales of $3.823 billion, down from $5.273 billion in fiscal year 2023. SG&A expenses for the year were $1.130 billion, compared to $1.324 billion in the prior year. Net income for the year reached $131.3 million, significantly higher than the $6.7 million reported in fiscal year 2023. Adjusted EBITDA for the full year was $36.1 million, compared to $64.7 million in the previous year.

The company has not yet disclosed how much Bitcoin it plans to purchase or when it will begin acquiring BTC, and CEO Ryan Cohen has not yet commented publicly on the addition of Bitcoin to GameStop’s balance sheet at the time of publishing.

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Bitcoin

BTC in Stasis Below $88K as Trump Suggests Bigger Tariffs on EU, Canada

Published

27 minutes ago

March 27, 2025

admin

President Donald Trump has threatened bigger import tariffs against the European Union (EU) and Canada if they worked together “to do economic harm” to the U.S.

“If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!” Trump said in a late Wednesday night post on Truth Social.

Financial markets, however, remain steady in the wake of the new threat, with BTC in stasis below $88,000. Germany’s DAX futures fell 0.3% while their Wall Street counterparts traded flat to positive.

The resilience in the market likely stems from Federal Reserve Chairman Jerome Powell’s recent indication that the inflationary pressures resulting from tariffs could be transitory.

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Altcoins

‘Chart Is Still Broken’ – Crypto Analyst Predicts Sustained Downtrend for Altcoins Until This Takes Place

Published

4 hours ago

March 27, 2025

admin

A seasoned crypto trader is warning that the current bounce in the altcoin market will likely be short-lived.

Pseudonymous analyst The Flow Horse tells his 266,500 followers on the social media platform X that he thinks crypto is still bearish and the latest rally will probably lead to another leg down.

According to the analyst, the current bounce has not changed the bearish market structure of crypto.

“Bearish still on the high time frame until proven otherwise.

I can’t see any reason why this isn’t a relief rally and markets won’t continue to suck the next few months.

Chart is still broken.”

Elaborating on his bearish stance on crypto, the trader says on the instant messaging platform Telegram that the downtrend will likely persist unless Bitcoin (BTC) flips a key price area into support.

“I think we are at the part where the correction can be, as I said the other day, one that is more through time than through price.

I will be looking at how FARTCOIN, HYPE, PEPE, ENA and BERA continue to trade.

Being that it is a Bitcoin dominance macro trend, there is no reason to assume that changes, and any success in alts is going to come down to if BTC can turn this $90,000-$93,000 level into support.”

At time of writing, Bitcoin is trading for $87,813.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin

GameStop Announces $1.3 Billion Fundraising Plan To Purchase Bitcoin

Published

5 hours ago

March 27, 2025

admin

GameStop Corp. (NYSE: GME) announced today that it intends to raise $1.3 billion through a private offering of convertible senior notes and will use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin. The move comes a day after the company revealed an update to its investment policy, allowing Bitcoin to be used as a treasury reserve asset.

The offering consists of $1.3 billion aggregate principal amount of 0.00% Convertible Senior Notes due in 2030. Additionally, the company plans to grant initial purchasers an option to buy up to $200 million more in notes within a 13-day period from the first issuance date. The notes will be general unsecured obligations and will not bear regular interest or accrete in value. They will mature on April 1, 2030, unless converted, redeemed, or repurchased earlier.

Upon conversion, GameStop will have the option to settle in cash, shares of its Class A common stock, or a combination of both. The initial conversion rate and other terms will be determined at the time of pricing. The company stated that it expects to use the U.S. composite volume-weighted average price of its stock from 1:00 p.m. to 4:00 p.m. Eastern Daylight Time on the pricing date as the reference for the initial conversion price.

GameStop emphasized that neither the notes nor any shares of common stock issuable upon conversion have been or will be registered under the Securities Act of 1933 or any state securities laws. As a result, they may not be offered or sold in the United States without registration or an applicable exemption. The company also stated that there are no assurances that the offering will be completed as described or at all.

This marks a significant financial decision for GameStop as it pivots toward integrating Bitcoin into its corporate strategy. A strategy pioneered by Strategy’s Michael Saylor, who met with GameStop’s CEO Ryan Cohen in person last month, and has definitely appeared to have had an influence on the GameStop’s decision to embrace BTC as a reserve asset.

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