{"id":125880,"date":"2025-03-26T21:17:45","date_gmt":"2025-03-26T21:17:45","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125880"},"modified":"2025-03-26T21:17:45","modified_gmt":"2025-03-26T21:17:45","slug":"gamestop-jumps-12-after-bitcoin-purchase-plans-announced","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125880","title":{"rendered":"GameStop jumps 12% after Bitcoin purchase plans announced"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsGameStop shares jumped nearly 12% on March 26 after the company announced plans to purchase Bitcoin (BTC).<br \/>\nThe company plans to finance the purchase through debt financing. After markets closed on March 26, GameStop announced a $1.3 billion convertible notes offering.<br \/>\nThe convertible senior notes \u2014 debt that can later be converted into equity \u2014 will be used for general corporate purposes, including acquiring Bitcoin, according to a company statement.<br \/>\n\u201cGameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop\u2019s Investment Policy,\u201d it said.<br \/>\nThe company revealed on March 25 plans to use a portion of its corporate cash or future debt to buy digital assets, including Bitcoin and US-dollar-pegged stablecoins. GameStop\u2019s cash reserves stood at $4.77 billion on Feb. 1 compared to $921.7 million one year earlier.<br \/>\nAccording to Google Finance, GameStop shares closed at $28.36 on the NYSE, marking an 11.65% gain for the day.<br \/>\nGameStop stock performance on March 26. Source: Google FinanceThe company reported a net income of $131.3 million for Q4 2024 compared to $63.1 million for the prior year Q4. Although net sales had fallen $511 million year-over-year, the company has been aggressively cutting expenses, including closing 590 stores throughout the United States in 2024.<br \/>\nGameStop was once at the center of the 2021 meme stock craze when retail traders orchestrated a \u201cshort squeeze\u201d that sent the price of the stock soaring. Some hedge funds closed down as a result of losses sustained during the short squeeze, giving the GameStop meme stock rise a \u201cDavid vs. Goliath\u201d narrative.<br \/>\nRelated: GameStop buying Bitcoin would \u2018bake the noodles\u2019 of TradFi: Swan exec<br \/>\nMore companies adopt Bitcoin reserve strategy<br \/>\nGameStop is following the lead of Strategy, which first added Bitcoin to its treasury in August 2020. As of December 2024, Strategy\u2019s stock had gained 3200% since adopting its crypto strategy.<br \/>\nMetaplanet, a Japanese company with plans to buy 21,000 BTC by 2026, saw its stock price rise 4800% since announcing the move. In promotional materials, Metaplanet said it had attracted a significant number of new investors, with its market capitalization rising by 6300%.<br \/>\nSemler Scientific also saw a spike in its share price after announcing plans to purchase Bitcoin. According to CoinGecko, 32 publicly traded companies hold BTC on their balance sheets.<br \/>\nMagazine: SEC\u2019s U-turn on crypto leaves key questions unanswered<a href=\"https:\/\/cointelegraph.com\/news\/gamestop-shares-up-bitcoin-investment-plan-debt-notes?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsGameStop shares jumped nearly 12% on March 26 after the company announced plans to purchase Bitcoin (BTC). The company plans to finance the purchase through debt financing. After&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125880"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125880"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125880\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125880"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}