GameStop buys 4,710 BTC (500m dollars)

[OmegaStarScream]

GameStop has just announced[1] that they have bought 4710 BTC (worth 500m$ with the current rates) just when people started being skeptical the meeting between Michael Saylor and GameStop CEO Ryan Cohen a few months back[1]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

[1] https://x.com/gamestop/status/1927679297252364502
[2] https://x.com/BitcoinMagazine/status/1888244196848353504?lang=en

[Dunamisx]

This shows lots of indications in which every investors have to take note of, the market is more likely to make all time high soon and this may get to $120,000 or more.

This increasing adoption for the use of bitcoin as national reserve could be as a result of US initial decision and their recent action of investing a particular amount for bitcoin reserve, which makes other industries and institutions take similar steps after them.

Lastly, all these are part of what many are now seeing as a positive moves for them to take opportunity in bitcoin before the last all time high for this season is reached, if US, China and Russia could consider same bitcoin, I don't know what others are waiting for.

[Oshosondy]

I was about to post this but I search first and I saw that you have posted it already. This is the first time that the video game retailer will buy bitcoin but it has announced it before.

According to what I read on CNBC, Shares of GameStop rose nearly 3% in premarket trading following the news. The meme stock is up about 12% this year. As of February 1, the company had amassed a $4.76 billion cash pile, according to its annual report released in April.

I think some businesses want to be more well know and they go for bitcoin. It is a business strategy.

[mindrust]

GameStop has just announced[1] that they have bought 4710 BTC (worth 500m$ with the current rates) just when people started being skeptical the meeting between Michael Saylor and GameStop CEO Ryan Cohen a few months back[1]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

[1] https://x.com/gamestop/status/1927679297252364502
[2] https://x.com/BitcoinMagazine/status/1888244196848353504?lang=en

I am not sure if that’s good news for bitcoin. On the surface it looks like it but then GME’s reputation as a meme stock might drive other serious institutions away.

“If these meme fools are buying it, we better steer clear of it.”

As you know GME is not only a meme stock, it is practically bankrupt. So them raising capital to buy btc dont look like a smart idea in my book. It reeks of desperation.

Had apple or nvidia done that, I would picture it differently but not now, not like this.

[EarnOnVictor]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

Thanks for sharing, bro!

It is happening as we wanted, it's the huge adoption we prayed for. Those companies, and some former critics, are now afraid of missing out on the world's cake. Which is why they are injecting their quota in millions of dollars and will continue topping it up as Bitcoin grows.

[adultcrypto]

GameStop has just announced[1] that they have bought 4710 BTC (worth 500m$ with the current rates) just when people started being skeptical the meeting between Michael Saylor and GameStop CEO Ryan Cohen a few months back[1]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

[1] https://x.com/gamestop/status/1927679297252364502
[2] https://x.com/BitcoinMagazine/status/1888244196848353504?lang=en

This is a nice development and highly encouraging for all bitcoin lover. If I may ask, do they make this purchase via ETF because there have not been any significant effect of such huge orders in the market or the bitcoin market have become so big that $500 million cannot even move the market? I expected to see some movements in the market to signify the entry of a whale in the market.

[Josefjix]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

I think thats how it going to be till the number gets too much to the point its become an endless list to count, more companies are looking up to starting joining the train to avoid been left out. The other day a company called the TwentyOne company announced their strategic plan of acquiring bitcoin daily.

[notocactus]

GameStop has just announced[1] that they have bought 4710 BTC (worth 500m$ with the current rates) just when people started being skeptical the meeting between Michael Saylor and GameStop CEO Ryan Cohen a few months back[1]

I don't know what prevented GameStop purchasing bitcoin earlier with cheaper prices and why did they have to wait till very recently to buy bitcoin. If there is no legal barrier or complicated necessary steps for their purchase earlier, it's kind of strange that they delay their entry for a long time since their meeting with Michael Saylor months ago.

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

News are like appearing daily and the snowball seems to be kicked off since Bitcoin Spot ETF approvals in January 2024. About one and a half year later, snowball effects begin to be clearly shown through more activities from institutional investors.

[Mastercon]

GME pertained to a particular brokerage platform. if you have a fork of bitcoin you COULD sell it even to some schmuck on the internet without an exchangeI believe something like this kinda happened when SegWit thing went down, but the users did not agree so then they found out even if blackrock chooses the right fork you still lost out on the ability to sell that shitcoin to devalue it and pick up some more bitcoin with  the proceeds.
That you have "power" in bitcoin until you try to exert it.

The Sponsor will base its determination on whatever factors it deems relevant, including but not limited to, the Sponsor’s beliefs regarding expectations of the core developers of bitcoin, users, services, businesses, miners and other constituencies, as well as the actual continued acceptance of, mining power on, and community engagement with, the Bitcoin network, or whatever other factors it deems relevant. There is no guarantee that the Sponsor will choose the digital asset that is ultimately the most valuable fork, and the Sponsor’s decision may adversely affect the value of the Shares as a result. The Sponsor may also disagree with Shareholders, the Bitcoin Custodian, other service providers, the Index Administrator, cryptocurrency platforms, or other market participants on what is generally accepted as bitcoin and should therefore be considered “bitcoin” for the Trust’s purposes, which may also adversely affect the value of the Shares as a result.

In other words, stop using bitcoin ETFs.

[Cryptohygenic]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

You are right in few days ago I read in the news about food servicing company purchasing over 21 bitcoins with an investment target of owning 50 bitcoins.
All these institutional large buying of bitcoin was encouraged by Micro strategy and til date, the strategy is still buying without undermining the price of bitcoin price unlike most investors that only find interest on buying when the price is down.

[Synchronice]

GameStop has just announced[1] that they have bought 4710 BTC (worth 500m$ with the current rates) just when people started being skeptical the meeting between Michael Saylor and GameStop CEO Ryan Cohen a few months back[1]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

It's a good news but it's not going to help them. GameStop is a dying business. Gamestop sells physical video games while we live in a time where everything is becoming digital and steam & epicgamestore are in a huge demand. We live in a time where subscription model is also becoming very popular and will take over everything. I'm sure that soon services PlayStation Plus and XBOX Game Pass will be offered by steam and epic and they'll be more popular and working model.

I don't know what prevented GameStop purchasing bitcoin earlier with cheaper prices and why did they have to wait till very recently to buy bitcoin. If there is no legal barrier or complicated necessary steps for their purchase earlier, it's kind of strange that they delay their entry for a long time since their meeting with Michael Saylor months ago.

I came to the conclusion that someone being a rich, being a top manager, owning a company and so on, doesn't mean they are smart. Since IQ and income aren't correlated, we shouldn't expect smart decisions from companies but shout-out to Michael J. Saylor, the owner of MicroStrategy for being very smart!

[Free Market Capitalist]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

That's because of what I said in the other thread.

It's a good news but it's not going to help them. GameStop is a dying business.

You don't get the point. MSTR was a dying business, SMLR was a dying business, the early adopters of the strategy are the businesses that are dying, because it saves them from death, not Microsoft or Apple.

[BitHodlers]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

It is a good idea for a project, website that tracks all of these and also evaluates them based on transparency. There is this https://bitcointreasuries.net, but it is not enough and it does not care about proof of reserves. Just with this purchase alone Gamestop is in top 15. We are very early. 

It's a good news but it's not going to help them. GameStop is a dying business.

You don't get the point. MSTR was a dying business, SMLR was a dying business, the early adopters of the strategy are the businesses that are dying, because it saves them from death, not Microsoft or Apple.

GameStop has excellent financial health, they have basically no debt and a lot of cash.

[AVE5]

This shows lots of indications in which every investors have to take note of, the market is more likely to make all time high soon and this may get to $120,000 or more.

As it looks pertaining how impressively lot of institutional investors have been buying bitcoin without undermining the high price in the current time, it's quite promising that we may see above the $170,000 speculation of the market before the year ends because the market has been surging up high with the impact of previous buying which is to say these recent purchases of the instituional investors are still on pending impact. So, there's said to be lot do hedges that's to encourage the markets power to keep surging in the pace of this bull event.

This increasing adoption for the use of bitcoin as national reserve could be as a result of US initial decision and their recent action of investing a particular amount for bitcoin reserve, which makes other industries and institutions take similar steps after them.

But the US has only been proposing and dialoguing on the protocol of buying. Their current holding is acquired by seizures yet. So therefore, I think Micro strategy is the point of contact with their timeless buying and holding the staff of bitcoin investment strategies which others is emulating.

[finaleshot2016]

GameStop has just announced[1] that they have bought 4710 BTC (worth 500m$ with the current rates) just when people started being skeptical the meeting between Michael Saylor and GameStop CEO Ryan Cohen a few months back[1]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

[1] https://x.com/gamestop/status/1927679297252364502
[2] https://x.com/BitcoinMagazine/status/1888244196848353504?lang=en

A very bold move, dropping half billion for bitcoin at 108k

I think this is part of the current administration’s plan to accumulate more BTC supply, and major companies are participating because they see it as an opportunity to become more flexible and future-proof. But when I saw the news, I wondered—why are some firms only investing now? Why not at the $80K–$90K range in the past months? Even Japan’s Metaplanet just bought BTC recently (may 19). So maybe there's a specific signal they were all waiting for. This is how insiders operate in some small projects—it might look like a poor move on the surface, but in reality, it’s been planned out well.

So maybe it's a sign that BTC can go more if this is really a planned entry.

[Fiatless]

I was about to post this but I search first and I saw that you have posted it already. This is the first time that the video game retailer will buy bitcoin but it has announced it before.

According to what I read on CNBC, Shares of GameStop rose nearly 3% in premarket trading following the news.

I think some businesses want to be more well know and they go for bitcoin. It is a business strategy.

Shares of GameStop dipped 9% in morning trading following the news.

I also saw in the article you referenced that their shares dropped after the announcement of the purchase of Bitcoin.

This was exactly what happened to DDC Enterprise an Asian food company that bought 21 BTC ($2.28M). Their shares dropped 14.5% in a day after the announcement.(When a Food Company Buys Bitcoin )

Anyway, another good news about more institutional investment.

[BitHodlers]

A very bold move, dropping half billion for bitcoin at 108k

Gamestop has billions in cash balance, money that is deteriorating every year It is less bold than you believe.

So maybe it's a sign that BTC can go more if this is really a planned entry.

It is still very early, you are underestimating BTC if you think this is all it can do. Gold will lose its throne, and for that to happen you need a price of $1m per BTC or higher.

[justdimin]

GameStop has just announced[1] that they have bought 4710 BTC (worth 500m$ with the current rates) just when people started being skeptical the meeting between Michael Saylor and GameStop CEO Ryan Cohen a few months back[1]

It's really starting to become difficult to keep track of all companies raising money to buy bitcoin...

It's a good news but it's not going to help them. GameStop is a dying business. Gamestop sells physical video games while we live in a time where everything is becoming digital and steam & epicgamestore are in a huge demand. We live in a time where subscription model is also becoming very popular and will take over everything. I'm sure that soon services PlayStation Plus and XBOX Game Pass will be offered by steam and epic and they'll be more popular and working model.

This is what Wall Street assumed would be the demise of GameStop, but they did not. Remember, while it is true that they are not in a business that looks future proof, we still have millions of people, who buy the game physically, in order to be able to sell it back.

Gamestop famously pays very little to get it back, which is bad, but at least, you get something instead of nothing. If you buy it digitally, you can't give it back and can't make a dime. So they are still doing alright, sure their finances do not look awesome, but with this bitcoin deal, they could do fine. They could even move to sub model one day, who knows? We have no idea what it would do so it's going to be an important deal for most of us with time.

[Nwada001]

This shows lots of indications in which every investors have to take note of, the market is more likely to make all time high soon and this may get to $120,000 or more.

With the type of big companies both tech and government own, organisations and other sectors are getting involved in Bitcoin purchases. This type of news only shows a great interest increase among the people, but it no longer pushes the price to the top all of a sudden just by such announcements.

We will definitely get to a new all-time high sooner, but it won't be because of this type of news. Bitcoin will naturally get there just as it has been doing in the past, even when demand and supply play a role, but it's done silently.

[finaleshot2016]

A very bold move, dropping half billion for bitcoin at 108k

Gamestop has billions in cash balance, money that is deteriorating every year It is less bold than you believe.

So maybe it's a sign that BTC can go more if this is really a planned entry.

It is still very early, you are underestimating BTC if you think this is all it can do. Gold will lose its throne, and for that to happen you need a price of $1m per BTC or higher.

We know bro. Just because a firm has deep pockets doesn’t mean it can throw money anywhere without consequences. Allocating capital into Bitcoin, especially at a $108K entry during early global adoption, isn’t just bold—it’s high-stakes, if it's less bold then why other major firms like Apple didn't put something to it even they are the top of the line ('cause it's not about the money). We’re not here to doubt Bitcoin, most of us are pro-BTC, and that’s exactly why we’re here and discussing about it. But please remember, when a major firm steps in, it carries the weight of future outcomes and the trust of countless investors. It’s not just about gains, it’s about accountability.

And while we support Bitcoin’s vision, don't glaze too much. Volatility is still a real threat. One coordinated move, one wave of manipulation, and the entire trend can shift in just a blink of an eye.