Mentioned:
GME -2.13% SBET -9.44%
GameStop has made their first foray in Bitcoin. But, is it just the very beginning?
What’s happening:
- GameStop (NYSE: GME) has officially purchased $513M USD worth of Bitcoin to hold directly as an asset
By the numbers:
- GameStop now owns 4,710 Bitcoin with an average cost basis of just under $109,000 USD per Bitcoin
Why it matters:
- This is the first time ever that GameStop has purchased Bitcoin in the history of the company
Going deeper:
- Chairman of GameStop Ryan Cohen has publicly stated that GameStop plans to hold Bitcoin as a long term asset and will look for ways to increase their exposure to Bitcoin through future equity and debt financings
- There continues to be relentless inflows of capital into the traditional public markets for companies to purchase Bitcoin and other digital assets, which has led to companies such as Strive Asset Management coming after Mt. Gox’s bankruptcy claims for Bitcoin and Ethereum co-founder Joseph Lubin just recently leading a new multi hundred million dollar equity financing to begin accumulating Ethereum
