Bitcoin News: GameStop Plans Major Bitcoin Investment with $1.3 Billion Funding

In a bold move, video game retailer GameStop has announced plans to raise $1.3 billion through the issuance of convertible senior notes to fund the acquisition of Bitcoin. This significant investment underscores the company’s commitment to the cryptocurrency market and its potential for future growth.

GameStop Bets Big on Bitcoin with a $1.3B Purchase Plan

Video game retailer GameStop has filed to raise $1.3 billion through Convertible Senior Notes to fund Bitcoin acquisitions. The offering consists of zero-coupon convertible senior notes maturing in 2030. Investors will have the option to convert the notes into GameStop’s Class A common stock at a later price, and GameStop will retain the flexibility to settle conversions in cash, shares, or a combination of both. Following the announcement, GameStop stock (GME) surged over 11% to trade at $28.36. The debt offering aims for a $1.3 billion raise, with a potential upsize to $1.5 billion, including an option for the initial purchasers to purchase up to $200 million in extra notes.

Microsoft Cancels Data Centers, Impacting AI and Bitcoin Mining Stocks

Microsoft has canceled over 2GW of planned data center leases across the U.S. and Europe in recent months, leading to drops in AI and Bitcoin mining stocks. The move is tied to Microsoft’s decision to reduce support for additional OpenAI training workloads, hinting at a possible data center market oversupply. AI chipmakers Nvidia and Broadcom have dropped 5%, while AI server providers Dell and Super Micro fell 3% and 9%, respectively. The impact on Bitcoin mining stocks is also evident, despite Bitcoin’s growing corporate adoption trend. Microsoft rejected a Bitcoin investment proposal. Analysts at TD Cowen reported the cancellations and deferrals.

Wirex Launches Crypto Travel Booking Platform to Compete with Binance-backed Travala

Wirex has entered the crypto-based travel booking market with its new platform, Wirex Travel. The platform challenges Binance-backed Travala, which has dominated the market since 2020. Wirex Travel offers users zero foreign exchange fees, interbank exchange rates, and crypto rewards. Booking is available with both traditional fiat currencies and crypto, including Bitcoin (BTC) and Tether (USDT). The platform provides intriguing deals that might be unmatched by other service providers, with thousands of hotel options worldwide.

Crypto Pundit Predicts Bitcoin Price at $260,000, But Faces Critical Invalidation Level

A prominent crypto pundit, Gert van Lagen, has outlined a case for the Bitcoin price to surge to $260,000 this bull cycle. However, a critical invalidation level stands in the way, threatening the projected rally if breached. Van Lagen predicted on March 26 that Bitcoin could hit a target between $200,000 and $300,000, based on its classic market cycle structure.

The Blockchain Group Buys 580 BTC, Stock Surges 226%

The Blockchain Group has confirmed the acquisition of 580 Bitcoin (BTC), valued at approximately $40 million. This strategic move has sent its stock soaring by 226% over the past week. The announcement, made on March 26th via Euronext, marks a pivotal turn in the company’s Bitcoin strategy. Whale accumulation trends aligned with the firm’s move, suggesting broader market confidence in Bitcoin’s next leg up. With retail investors hesitating, whales are making decisive plays, and The Blockchain Group appears to be following suit.