Bitcoin News: GameStop Raises $1.3 Billion to Invest in Bitcoin

In a major move that has captured the attention of the financial world, GameStop has announced plans to allocate proceeds from a $1.3 billion convertible notes offering toward Bitcoin investments. This bold decision underscores the growing adoption of cryptocurrency among mainstream companies.

GameStop Raises $1.3B to Invest in Bitcoin

GameStop announced on March 26 that it would allocate proceeds from a $1.3 billion convertible notes offering toward Bitcoin investments. Shares surged nearly 12% following the announcement. The company’s revised investment policy now permits a portion of its corporate treasury and future borrowings to be invested directly into Bitcoin and stablecoins. Despite declining net sales, GameStop holds significant liquidity, with cash reserves of $4.77 billion as of February. This strategic pivot aligns with previous Bitcoin adoption moves by firms like MicroStrategy and Metaplanet, which have seen notable stock appreciation after similar announcements.

Weekly Close Above $250 Billion Could Trigger Altcoin Rally

The crypto market is still recovering from its crash in early March, but sentiment is fluctuating. The Fear & Greed Index is still in the fear zone, however, Bitcoin’s price is slowly pushing back toward $90,000, changing altcoin sentiment. Renowned analyst Rekt Capital has reignited hope for an altcoin season, suggesting a major rally could be in motion if the altcoin market cap secures a weekly close above $250 billion.

Senator Cynthia Lummis Claims Bitcoin Could Halve U.S. Debt in 20 Years

Senator Cynthia Lummis stated at the DC Blockchain Summit that Bitcoin’s scarcity, immutability, and storability make it a strong long-term asset for national stability. She claimed that holding Bitcoin for 20 years could reduce the U.S. national debt by half, referring to the country’s $36 trillion debt. Additionally, Michael Saylor, CEO of MicroStrategy, supported Lummis’s view, stating that Bitcoin is the ’Manifest Destiny for the United States of America.’ Lummis also advocated for creating a Bitcoin strategic reserve, similar to current national reserves.

GameStop (GME) Stock Falls as Bitcoin Hype Cools Off

GameStop (GME) stock appeared to have hit a wall on Thursday, following a huge week of gains thanks to the company’s Bitcoin (BTC) investment announcement. On Tuesday, the gaming retailer announced plans to begin investing in Bitcoin. GME stock climbed by double digits this week prior to Thursday, however, those shares have since sunk. Specifically, GME stock fell 22.82% on Thursday, erasing a quarter of its value and shedding $3 billion in market capitalization. This falloff represents the company’s largest drop since June 2024. On Wednesday afternoon, GameStop announced plans to sell $1.3 billion in convertible bonds to fund Bitcoin purchases.

Why GameStop’s Bitcoin Announcement Left BTC Unmoved? Experts Discuss.

GameStop announced it had added Bitcoin as a Treasury Reserve Asset, but Bitcoin’s price was indifferent to this announcement. Representatives from Quantum Economics and CryptoQuant explained that GameStop lacks the size and scale to meaningfully impact Bitcoin’s trading value, while overall hawkish market sentiment limited significant price movements. Mati Greenspan, Founder and CEO of Quantum Economics, viewed GameStop’s move as a huge win for corporate adoption of Bitcoin.