Alright, nerds, gather ’round. GameStop, bless its heart, is apparently jumping on the crypto bandwagon. 🚂💨 Yes, the same GameStop that still sells pre-owned copies of games from 2007. They’re planning to invest some of their “multibillion-dollar” cash reserve (read: the money they made off your nostalgic tears) into Bitcoin and stablecoins. I guess beanie babies are out?
So, the GameStop board, in a rare moment of unanimity (probably after someone promised them extra bathroom breaks), has given the thumbs-up to throwing some corporate cash, and potentially future debt (because why not add more risk?), at shiny digital things like Bitcoin, according to CNBC. Because nothing says “stable business plan” like investing in something whose value fluctuates more than my mood after a bad online comment. 🙄
Apparently, this earth-shattering strategy was buried in GameStop’s fourth-quarter earnings report, which now *permits* holding crypto. Oh, they *permit* it? How generous. They specifically name-dropped Bitcoin and stablecoins as part of their new “treasury approach.” It’s like they’re trying to sound legit, but all I hear is “We saw Dogecoin and got FOMO.”
“The Company’s investment policy permits investments in certain cryptocurrency assets, including Bitcoin and U.S. dollar-denominated stablecoins, and if the Company acquires Bitcoin or U.S. dollar-denominated stablecoins, the Company will be exposed to certain risks associated with Bitcoin or stablecoins, respectively.”
GameStop Q4 and fiscal year 2024 Results
GameStop (GME) stock initially spiked (because that’s what happens when you mention “Bitcoin” these days), but then it fizzled out faster than my enthusiasm for kale smoothies. Shares ended the day down, because reality is a harsh mistress. But hey, at least they got a brief moment in the sun, right?
They’ve got a Scrooge McDuck-esque pile of cash, like $4.77 billion as of February 1. Which, let’s be honest, is probably more than most small countries have in their national reserves. So, they’ve got plenty of room to gamble I mean, *explore* crypto exposure. 🎲
While they’re being cagey about how much Bitcoin they’re planning to buy, it seems like everyone’s doing it now. It’s like when your mom starts using slang – you know it’s gone mainstream.
The rumor mill started churning when CEO Ryan Cohen (who I’m convinced is secretly a meme lord) posted a cryptic photo with Michael Saylor. No one knew what it meant, but of course speculation went wild. Because in the world of the internet, all you need is a blurry photo and a conspiracy theory to start a riot. Or at least a 7% surge in share price. 🤷♀️
Then, some asset management CEO publicly urged GameStop to adopt Bitcoin. Because apparently, unsolicited financial advice is the new black. He thinks it could “reshape the company’s financial future” and make them “pioneers” in the gaming industry. Okay, buddy. Let’s see how this plays out first. 🙄
“We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier Bitcoin treasury company in the gaming sector,” he wrote on Feb. 24.
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2025-03-26 10:31