Bitcoin News: GameStop Stock Plunges Amid Skepticism Over Bitcoin Investment Plans

In a surprising turn of events, GameStop’s decision to invest in Bitcoin has led to a significant decline in its stock price, raising questions about the company’s future strategy and retail operations.

GameStop Stock Slides 25% Amid Skepticism Over Bitcoin Plans

GameStop shares plunged over 25% recently, with a 15% drop on March 27th being the sharpest single-day decline in nearly a year. The decline follows the company’s announcement to invest in Bitcoin using proceeds from a $1.3 billion convertible bond sale. While initially met with optimism, the move raised doubts about the future of GameStop’s retail operations and long-term strategy. Additionally, the company confirmed plans to close a significant number of physical stores this year, signaling continued difficulties in its retail business. Investors digested these implications, leading to a quick reversal in the stock price which had surged a day earlier due to retail trader excitement.

CoreWeave Goes Public, Raises $1.5 Billion

CoreWeave, an artificial intelligence-focused firm, raised $1.5 billion in its initial public offering (IPO), valuing the company at approximately $23 billion. The cloud provider sold 37.5 million shares at $40 each, downsizing its IPO due to a weaker-than-expected stock market. Nvidia, an investor in CoreWeave, anchored the IPO with a $250 million order. CoreWeave is closely tied to Bitcoin miner CoreScientific, which struck a multi-billion deal to expand its AI capabilities.

Fake Video of Trump Unveiling Bitcoin Whitepaper Goes Viral

A poorly rendered fake video of Donald Trump revealing the Bitcoin whitepaper in the Oval Office has gone viral across social media platforms this week. In the doctored clip, Trump theatrically pulls back drapes to unveil a framed copy of Bitcoin: A Peer-to-Peer Electronic Cash System as Fox News host Laura Ingraham looks on. The footage was spliced from a recent Fox News segment and has been flagged as manipulated by Meta and community notes on X.

Bitcoin News: Growing Competition For Dominance Between BlackRock And Strategy

The latest Bitcoin news has highlighted a growing pursuit of liquidity into the cryptocurrency. There is also a brewing race for holder dominance between Strategy and BlackRock. Strategy Chairman Michael Saylor revealed that the company’s newly issued preferred stock STRF has commenced trading, and the dividend will allow investors to earn yield on Bitcoin. This issuance underscores the company’s commitment to maintaining a bullish stance amidst a slight market recovery.

South Carolina Bill Proposes State-Run Bitcoin Reserve

A new bill introduced in South Carolina on Mar. 27 proposes the creation of a state-run Bitcoin reserve with a cap of 1 million BTC. The South Carolina’s Strategic Digital Assets Reserve Act seeks to give the state treasurer the authority to hold Bitcoin (BTC) and other digital assets as a hedge against inflation. The bill states that inflation has reduced the purchasing power of retirement funds and state-managed assets, prompting the state to diversify its finances. Bitcoin is viewed as a possible hedge against economic volatility. The proposed Digital Assets Reserve would enable the state to own and manage Bitcoin while also allowing South Carolinians to voluntarily donate digital assets. The bill sets clear investment guidelines, requiring SAFE storage through cold wallets or certified custodians.