Crypto
GameStop to invest corporate cash in bitcoin, following in footsteps of MicroStrategy
Video game retailer GameStop announced Tuesday its board has unanimously approved a plan to buy bitcoin with its corporate cash, echoing a move made famous by MicroStrategy.
The meme stock jumped more than 6% in extended trading Tuesday following the news. The announcement confirmed CNBC’s reporting in February of GameStop’s intention to add bitcoin and other cryptocurrencies to its balance sheet.
The video game retailer said a portion of its cash or future debt and equity issuances may be invested in bitcoin and U.S. dollar-denominated stablecoins. As of Feb. 1, GameStop held nearly $4.8 billion in cash. The firm also said it has not set a ceiling on the amount of bitcoin it may purchase.
GameStop will be following in the footsteps of software company MicroStrategy, now known as Strategy, which bought billions of dollars worth of bitcoin in recent years to become the largest corporate holder of the flagship cryptocurrency. That decision prompted a rapid, albeit volatile, rise for Strategy’s stock.
GameStop’s foray into cryptocurrencies marks the latest effort by CEO Ryan Cohen to revive the struggling brick-and-mortar business. Under Cohen’s leadership, GameStop has focused on cutting costs and streamlining operations to ensure the business is profitable.
The company said the move could expose it to volatility associated with cryptocurrency prices.
“Bitcoin, for example, is a highly volatile asset and has experienced significant price fluctuations over time. Our Bitcoin strategy has not been tested and may prove unsuccessful,” GameStop said in a U.S. Securities and Exchange Commission filing.
Bitcoin, the world’s largest cryptocurrency, has ridden a roller coaster since President Donald Trump won reelection. After shooting up and piercing the $100,000 milestone, bitcoin has declined about 18% from its record high to a recent price of approximately $88,000.
In tandem with the cryptocurrency announcement, investors also cheered a rise in GameStop’s fourth-quarter results. The firm reported net income of $131.3 million, more than double the $63.1 million earned in the same quarter last year.
Michigan could see the creation of a “Cryptocurrency Bill of Rights” under legislation recently introduced in the state House of Representatives.
One of the bills would keep the state and local governments from banning or restricting the ownership of cryptocurrencies, or taxing them any differently from regular currencies.
State Representative Bryan Posthumus (R-Rockford) said that bill and others would help Michigan attract the crypto industry to the state.
“Cryptocurrency is here to stay. I believe that 20 years from now, it’ll be the foundation of our entire financial industry. And Michigan can be a national leader in that effort,” Posthumus said.
Another part of the four-bill bipartisan package would create rules for investing state funds in cryptocurrencies.
Michigan has already invested in some crypto market-tied funds. That includes ones related to Bitcoin and Ethereum.
Posthumus said the bills would add guardrails by requiring currencies to have a market capitalization of at least $250 billion to be considered for investment. He said current law has few safeguards.
“We wanted to make sure that we passed legislation to make sure legally that the treasurer had the authority to do this. But also, that would protect taxpayers and pensioners,” Posthumus said.
Crypto markets have gained a reputation for being both potentially lucrative and volatile. That’s especially with the rise of so-called “meme coins” often based around internet jokes or trends. President Trump recently launched his own meme coin right before he was sworn back into office.
A final piece of the package would give Bitcoin miners the chance to use abandoned state-owned oil and natural gas wells. The process called “mining” for Bitcoin — solving what’s essentially a math problem that underlies the creation of a new coin — is extremely time consuming and energy intensive.
The bill would create a new program to let selected miners access those abandoned wells, as long as they cap and clean up the site when they’re done. Participants in the program could also get a tax break.
Posthumus said it would provide a new use for those abandoned mines that could otherwise leak methane, a potent greenhouse gas, into the environment.
“Our thought process was well why don’t we give the opportunity to bitcoin miners to bid on these abandoned oil wells with the expectation that, assuming they win the bid, they can … also be required to fund the remediation,” Posthumus said.
2025 is shaping up to be a make-or-break year for crypto, and analysts have made some pretty bold predictions for Bitcoin and top altcoins.
There is a growing consensus among analysts and investors that 2025 will be mostly bullish. With this in mind, these industry players have made bold predictions of where they believe Bitcoin and altcoins will be worth before year-end.
Below, we break down six must-read crypto forecasts from analysts from top crypto analysis platforms like VanEck, Ark Invest, Forbes, and Investing.com.
What to Expect From Bitcoin and Crypto Markets in 2025 – Investopedia
In this post, experts from Investopedia provide insights on what they believe Bitcoin will be worth before the end of the upcoming bull cycle.
It then explores the impact that a Trump presidency will have on the price of the legacy crypto. These analysts also explore the factors that will have the biggest impact on Bitcoin prices.
They conclude by discussing the possibility of a Bitcoin rally spilling over to altcoins.
VanEck’s 10 Crypto Predictions for 2025 – VanEck
In this long post, VanEck’s Head of Digital Asset Research, Mathew Sigel, and Senior Investment Analyst for Digital Assets, Patrick Bush, take a dig at the expected performance of the larger crypto market.
They talk about the crypto market bull run peaking in Q4 2025. They also discuss the expected performance of stablecoins, tokenized securities, Bitcoin Layer-2s, Ethereum, dApp tokens, DeFi coins, and the NFT market.
10 Best Cryptocurrencies To Invest In May 2025 – Forbes
This post discusses what Forbes’ editors Nikita Tambe and Aashika Jain believe to be the best digital currencies to buy in May 2025. Some of the coins discussed here include Bitcoin, Ethereum, XRP, Solana, and Binance Coin.
15 Cryptocurrency Forecasts For 2025 – InvestingHaven
You should also take a peek at our predictions of what we believe to be the 15 best cryptos worth buying in 2025.
This in-depth forecast uses the help of crypto charts to indicate the most likely price direction of Bitcoin and top altcoins. Our predictions are guided by a closer look at both technical indicators and each coin’s fundamentals.
ARK’s Price Target For Bitcoin In 2030 – Ark Invest
Ark Invest has made one of the boldest predictions for Bitcoin. They expect to peak between $300,000 and $710,000 by year-end before rallying to $1.5 Million by 2030.
In this post, Ark Invest’s David Puel unpacks the “modeling methodology and assumptions supporting those price targets.”
Bernstein makes 10 predictions for 2025 as crypto enters its ‘Infinity Age’ – The Block
Earlier in the year, analysts at Bernstein Research brokerage firm made 10 crypto predictions for 2025.
In here, they reiterate the conviction that Bitcoin will break above $200,000. In the note to clients, they argue that 2025 will kick off what they describe as the infinity age for the crypto industry.
They also explain some of the factors that they believe will fuel the market’s uptrend.
Conclusion
The key takeaway from these crypto forecasts is that 2025 will be a pivotal year for the crypto industry. It, however, is important to note that no one can predict the future with absolute certainty.
That said, staying informed about expert forecasts can keep you informed and give you a strategic edge over other investors. But as always, do your own research before investing in any digital currency.
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