- Gamestop is planning to copy the Bitcoin playbook from Strategy
- Will Meme Stock GME explode such as Metaplanet and MSTR?
On Tuesday, the American video game -Retailer Gamestop’s (GME) plate ‘Unanimous’ approved approval Bitcoin [BTC] reserves as part of his business strategy. As a result, participating in the growing list of public companies that have copied the BTC Playbook from Strategy (formerly MicroSstrategy) to increase the value of the shareholders.
The update came a few weeks after several figures, including Strive Asset Management CEO Matt Cole, to buy BTC at the CEO of the company, Ryan Cohen, with its surplus cash reserves.
Market reactions
However, there were mixed responses to the update. Michael Saylor, the pioneer of BTC strategy, affected It is a “step in the right direction”. According to reports, the play company currently has $ 4.6 billion in cash reserves.
According to Gamestop’s 10-K submit With the SEC, the groundwork for BTC Adoption strategies (micro strategy), including debts and stock issue, reflects.
Source: SEC (Fragment of 10-K Archiving)
According to Bitcoin Treasuries, 88 public companies control No less than 665,030 BTC as part of their Bitcoin strategy. In fact, they are the second largest category BTC holders after funds such as ETFs, which have more than 1.29 million BTC.
Although some people regard the FOMO among companies as a net positive for the value of BTC because of the growing question, some had opposite opinions. According to analyst Checkmatey, the growing number of companies that jump on the bandwagon is a probably top signal.
“I claimed that zombie companies such as Gamestop ‘a Saylor’ would be like a Get Out of Jail card would be a clear topping signal.”
That said, most companies that have adopted this strategy have seen enormous pumps on their shares. For example, the MSTRY of the strategy has control With more than 2000% since the use of BTC in 2020, better than surpassing the crypto by 3.3x.
Likewise, the shares of Metaplanet will be pumped by 2,240% since he adopted BTC in April 2024. Will investors in the meme share GME benefit from a similar windfall trend? Well, that is still too viewed. However, the share increased slightly after the American market was opened on Wednesday.
Source: Google Finance