Gamesop (GME) shares exchanged 16% on Wednesday after the company announced that it would start to buy Bitcoin (BTC) to add to its balance sheet.
The game retailer said he owned $ 4.8 billion in cash during his fourth quarter results on Tuesday. The CEO of the company, Ryan Cohen, weeks ago, had teased an interest in the purchase of Bitcoin for the GME assessment. He was joined by Matt Cole, CEO of Strive Asset Management – an owner of GME via his ETF, who urged the same thing.
Although GameStop reported on Tuesday that part of his money will go into Bitcoin and that the US dollar dominated the stablecoins in the future, he did not reveal how much or the purchasing calendar.
The plan launched a speculative frenzy on social networks: how much would Bitcoin Gametop acquire?
The company’s allocation will probably be important, according to Anthony Poseliano, founder and CEO of Professional Capital Management, who said that Gamesop would not pass the very bureaucratic approval process of the board of directors if it planned to allocate 1 to 2% of her money in Bitcoin.
“President Ryan Cohen is likely to take a big bet on Bitcoin like an asset of balance sheet,” wrote Poseliano in a note. “You do not put time and energy to bring the change to your investment policy if you are looking to put a significant amount of your money in Bitcoin.”
Pomp also pointed out that Cohen currently follows three accounts related to Bitcoin on X, which he considers “behavior of a hardcore bitcoiner”.
According to a survey published by Michael Saylor – whose strategy (MSTR) spent $ 33 billion to acquire more than 500,000 BTC – on X, his supporters think that Gamescop must at least contain a value of $ 3 billion of Bitcoin in order to “be respected by bitcoins”.
Less clearly is whether GameStop plans to be as aggressive by buying bitcoin as the strategy. The company has deployed numerous mechanisms for collecting creative funds to feed its war box, including debt sales. But the Strategy BTC saga began as a more humble cash reserve of $ 250 million generated by cost savings in the short era.
Gamely’s boost can be resilient with Bitcoin price oscillations because the company only said it would buy BTC, but not yet posted, has thought of Josh Mandell, a former bond merchant. He called the situation perplexed on social networks.
“I won’t ask anyone to give meaning,” he said.
