Update as of 03/26 below. This article was initially published on March 25.
Bitcoin’s value has surged in the past week as traders speculate that U.S. President Donald Trump may be easing off his threats regarding global trade tariffs, although concerns are rising over another unidentified threat.
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The price of bitcoin has increased by approximately 10% since reaching lows in early March; however, it remains significantly below its peak of nearly $110,000 per bitcoin from January, despite a White House official indicating that Trump could drive the bitcoin price higher.
Currently, a BlackRock executive has suggested that a substantial catalyst for bitcoin may be imminent, prompting traders to anticipate a bitcoin-related announcement from meme stock sensation GameStop when it reveals its fourth-quarter results after the market closes on Tuesday—potentially mirroring Michael Saylor’s strategy.
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U.S. President Donald Trump held a summit with bitcoin and crypto company executives, including Strategy’s … More
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Last month, GameStop was approached by Strive Asset Management, which suggested that the video game retailer transform its $5 billion cash reserves into bitcoin, a shift they believe would position the company as the “premier bitcoin treasury company in the gaming sector.”
Strive Asset Management’s CEO, Matt Cole, informed GameStop CEO Ryan Cohen about the “incredible opportunity” at hand.
“Letter received,” Cohen subsequently shared on X. Not long before, Cohen had generated buzz on social media by posting a picture with Michael Saylor, the founder of the software company-turned-acquisition vehicle, Strategy.
As of 03/26, GameStop has confirmed its plans to adopt bitcoin, mirroring Michael Saylor’s strategy, which has led to the accumulation of the largest corporate stash of bitcoin.
While GameStop holds $4.75 billion in cash and intends to utilize a portion of these funds, along with future debt or equity issuances, for bitcoin purchases, they did not specify an exact amount, disappointing some who hoped for a definitive bitcoin buy announcement.
GameStop’s “investment policy allows for investments in select cryptocurrency assets, including bitcoin and U.S. dollar-denominated stablecoins. Should the company acquire bitcoin or stablecoins, it will face certain risks associated with both assets,” the company noted in its fourth-quarter earnings report.
GameStop’s stock has soared nearly 20% overnight following the announcement, though it remains below the significant levels reached in 2021. Meme stock investors, often guided by Keith “Roaring Kitty” Gill, have fueled the stock prices of companies like GameStop and cinema chain AMC to unprecedented heights alongside cryptocurrencies such as dogecoin.
Traders are speculating that GameStop could emulate the success of Strategy, whose stock surged 3,000% since it began accumulating bitcoin in the summer of 2020.
“Welcome to the bitcoin team, Ryan Cohen,” Saylor posted on X, along with a photo of themselves.
This expanding cohort includes Metaplanet and Semler Scientific, both of which have embraced bitcoin treasury strategies.
“Overall, news regarding crypto initiatives might render GameStop’s stock more susceptible to sharp fluctuations,” remarked analysts from the crypto payments platform B2BinPay in an email.
“In the short term, this has already proven to be a favorable decision, as reflected in the rise of the company’s stock; however, it also brings the risk of volatility. While stablecoins tend to avoid these risks, bitcoin’s price can sway dramatically — presenting opportunities for gains but also potential declines. Therefore, if the crypto market suffers a significant downturn, it could adversely impact GameStop’s financial health.”
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The price of bitcoin has skyrocketed over the past year, recently retracting from its record high of nearly $110,000 per bitcoin as traders reassess their strategies regarding Donald Trump’s bitcoin and crypto policies.… More
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Strategy, previously known as MicroStrategy, now holds around 500,000 bitcoin valued at $42 billion after beginning its aggressive bitcoin acquisition strategy in 2020.
Saylor was among a select group of bitcoin and crypto executives who attended the digital asset summit hosted by U.S. President Donald Trump earlier this month.
Last week, Saylor predicted that we are on the verge of a “Cambrian explosion” of companies and nations acquiring bitcoin during an appearance on a Blockworks podcast.
