GameStop joins the bitcoin reserve crowd. Who’s next?

The meme stock’s move may encourage more companies to add bitcoin to their reserves.

3/26/25 11:37AM

Pandemic meme stock darling GameStop joined the rapidly growing bitcoin reserve crowd, announcing yesterday that its board had “unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset.” And with $4.7 billion in cash and cash equivalents, that could translate into a significant bitcoin stockpile: it could buy north of 50,000 bitcoin, which would place it near the top of all corporate hodlers. The stock is up 15% today as investors cheer the news.

Michael Saylor, CEO of Strategy, which has the largest stockpile with 506,137 bitcoin, was quick to welcome CEO Ryan Cohen to “Team Bitcoin.”

While the company’s sales declined about 39% to $1.283 billion this quarter from $1.794 billion in the prior year’s fourth quarter, its cash reserves jumped during the same time period. GameStop had $4.75 billion in cash and cash equivalents as of February 1, compared to $921.7 million on February 1, 2024.

Saylor’s Strategy also hinted at how much bitcoin GME might buy, posting that MARA Holdings — currently the second-largest bitcoin hodler with 46,374 bitcoin — could soon have “some competition.” That said, there’s no evidence Saylor has insider knowledge of GameStop’s bitcoin buying plan, previous reporting suggested the bitcoin bull wasn’t involved in the board’s discussions.

$MARA may have some competition soon. https://t.co/UOTkLgcOEV
— Strategy (@Strategy) March 25, 2025

Why now? Well, beyond the fact that it can, the company doesn’t want to seem slow to act after Cohen teased the move last month by posting a picture with Saylor.

“Simply put, they don’t want to miss the boat,” Nic Puckrin, crypto analyst and founder of Coin Bureau, said. “The more companies take this step, the more emboldened others will be to follow suit, so we’ll likely see a bit of a snowball effect here in the coming months while the bull market still continues.”

Whether MARA will keep its second position remains to be seen, but it’s likely GameStop’s move could encourage more companies to add bitcoin to their reserves.

Puckrin said the next wave of adoption will come from businesses that have already expressed some level of openness to it.

“This includes the likes of AMC Entertainment and Elon Musk’s X Corp., or perhaps fintechs like PayPal,” he said. “Other, more traditional businesses will take longer to convince, but eventually they will also feel the FOMO when competitors begin to outperform them.”

Sage D. Young

6/5/26

Zcash nosedives after counterfeit vulnerability revealed

The privacy-focused cryptocurrency has dropped more than 40% in the last 24 hours, shedding $3.8 billion in market capitalization.

$62B

Yaël Bizouati-Kennedy6/5/26

Bitcoin digital asset treasuries (DATs) have taken a big hit amid bitcoin’s tumble, shedding $62 billion in value since the asset’s October 6 all-time high, Artemis data shows, with their fully diluted market cap dropping to $72 billion from $134 billion in early October.

Meanwhile, bitcoin, which has fallen below $62,000 on Friday morning, is down 50% from its all-time high. DAT pioneer Strategy’s market cap stood at $102.2 billion on October 6, according to Macro Trends, and is now down to $45.6 billion, a 55% decline. Strategy has been in hot water since it sold 32 bitcoin earlier this week, and because its digital credit instrument, STRC, has been trading below its par value. Shares of Strategy are down 17% in the past week.

Sage D. Young6/4/26

“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows

On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.
XRP declined 4.5% to an 18-month low last hit in November 2024.
Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.
Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

Yaël Bizouati-Kennedy

6/4/26

Bitcoin nears February lows amid $1.4 billion exiting its ETFs

“This week has been painful in crypto. There is really no other way of putting it.”