Crypto
crypto
Sage D. Young

GameStop transfers all but 1 bitcoin to Coinbase as collateral

It’s been one year since GameStop added bitcoin as a treasury reserve asset, but the company has since halted its accumulation strategy, joining a fray of companies pivoting away from HODLing the cryptocurrency.

The gaming and collectibles retailer was at one point the 21st-largest bitcoin treasury company, but has since dropped to 190th after pledging all but one of its 4,710 bitcoin as collateral for its covered-call strategy with Coinbase Credit, data from Bitcoin Treasuries shows. Earlier this year, GameStop moved 51% of its bitcoin to Coinbase Prime, triggering speculation that it would offload the asset.

Coinbase Credit has the “right to rehypothecate, commingle, or unilaterally sell the Pledged Bitcoin,” per GameStop’s 10K filing with the SEC on Tuesday. “As a result of these rights, we concluded that control of the Pledged Bitcoin transferred to the counterparty. Accordingly, we derecognized the Pledged Bitcoin as an intangible asset.” That said, GameStop also “recognized digital assets receivable of $368.3 million... representing our contractual right to receive equivalent amount of Bitcoin in the future.”

GameStop sold covered‑call option contracts, which have strike prices ranging from $105,000 to $110,000 and maturities extending through March 2026, to mitigate its exposure to bitcoin’s price volatility and generate incremental yield. 

The move comes as a number of other bitcoin firms have reached a tipping point and sold part of their stockpile. 

  • Empery Digital, the 23rd-largest bitcoin treasury firm, announced in a March press release that it sold $4.2 million worth of BTC to fund share repurchases. DL News also reported that a shareholder who owns 9.8% of Empery Digital demanded the company sell its entire bitcoin stockpile and the immediate resignation of its CEO and entire board of directors. 

  • GD Culture Group approved the sale of an unspecified amount of its 7,500-bitcoin reserve to fund its share repurchase program, according to a press release last month. 

  • Elsewhere, Cango sold 4,451 BTC to reduce its overall finance leverage and strengthen its balance sheet, while Riot Platforms sold around $200 million worth of bitcoin in November and December.

Despite GameStop’s pledge to Coinbase Credit, the company has technically left the door open to resume its bitcoin strategy: the gaming firm said it intends to use net proceeds from its convertible 2030 notes for general corporate purposes, including the acquisition of bitcoin. 

Shares of GameStop are up 2.7% today after posting lackluster Q4 results yesterday.

The move comes as a number of other bitcoin firms have reached a tipping point and sold part of their stockpile. 

  • Empery Digital, the 23rd-largest bitcoin treasury firm, announced in a March press release that it sold $4.2 million worth of BTC to fund share repurchases. DL News also reported that a shareholder who owns 9.8% of Empery Digital demanded the company sell its entire bitcoin stockpile and the immediate resignation of its CEO and entire board of directors. 

  • GD Culture Group approved the sale of an unspecified amount of its 7,500-bitcoin reserve to fund its share repurchase program, according to a press release last month. 

  • Elsewhere, Cango sold 4,451 BTC to reduce its overall finance leverage and strengthen its balance sheet, while Riot Platforms sold around $200 million worth of bitcoin in November and December.

Despite GameStop’s pledge to Coinbase Credit, the company has technically left the door open to resume its bitcoin strategy: the gaming firm said it intends to use net proceeds from its convertible 2030 notes for general corporate purposes, including the acquisition of bitcoin. 

Shares of GameStop are up 2.7% today after posting lackluster Q4 results yesterday.

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Yaël Bizouati-Kennedy
7h
Bernstein maintains bitcoin will hit $150,000 by year-end, but many experts think that’s “a stretch”

Bitcoin hasn’t crossed the $100,000 mark since November 2025.

Price Of Bitcoin Reaches New High, As Inflation Rises At Level Not Seen In 30 Years
crypto
Sage D. Young

Circle plunges on report of proposal prohibiting platforms from offering yield payments

Circle, the firm behind the second-largest stablecoin, USDC, sank over 18.5% after journalist Eleanor Terrett posted on X that lawmakers are considering a proposal that would prohibit platforms such as exchanges and brokers from offering yield payments for holding stablecoins. Shares of US-based crypto exchange Coinbase, which has benefited from its ties to Circle and holds a minority interest in the stablecoin issuer, also fell on the report.

Stablecoin competitor Tether also announced signing a “Big Four” accounting firm to complete a full independent financial statement audit today, aimed at providing assurance that USDT is fully backed and highly liquid, the company’s press release said. The firm has never before allowed an independent audit, which has long plagued the company as investors questioned whether USDT is actually backed by its reserves.

The amount of Circle’s USDC in circulation sits at $81 billion, less than half the figure of the industry leader, Tether, whose USDT stablecoin sits at $184.2 billion, data from blockchain analytics firm Artemis shows. 

Stablecoin competitor Tether also announced signing a “Big Four” accounting firm to complete a full independent financial statement audit today, aimed at providing assurance that USDT is fully backed and highly liquid, the company’s press release said. The firm has never before allowed an independent audit, which has long plagued the company as investors questioned whether USDT is actually backed by its reserves.

The amount of Circle’s USDC in circulation sits at $81 billion, less than half the figure of the industry leader, Tether, whose USDT stablecoin sits at $184.2 billion, data from blockchain analytics firm Artemis shows. 

crypto
Sage D. Young

NYSE teams up with Securitize to create 24/7 tokenized securities market

Securitize, known for bringing real-world assets onto blockchain rails, has signed a memorandum of understanding with the New York Stock Exchange to develop 24/7 tokenized securities markets. 

The tokenization company will become NYSE’s first digital transfer agent, enabling it to mint digital tokens native on a blockchain that represent shares for stocks and ETFs, The Wall Street Journal reports. 

“This is about building tokenization in a way that works within real market structure, with the protections, controls, and operational integrity required for public securities,” Securitize cofounder and CEO Carlos Domingo said in a statement. 

The news comes after Securitize, backed by BlackRock and Ark Invest, announced plans last year to go public through a SPAC deal with Cantor Equity Partners at a $1.25 billion valuation. 

The partnership between Securitize and the NYSE makes the tokenization ecosystem increasingly crowded — crypto exchange Kraken is working with Nasdaq to offer tokenized stocks and other exchange-traded products, while S&P Dow Jones announced last week licensing the S&P 500 for a derivative contract on perpetual blockchain network Hyperliquid. 

Tokenization refers to the process of representing financial assets, such as stocks and private credit, through digital tokens that live on blockchain networks. The global market for tokenization stands at $26.5 billion, multiples higher from one year ago, when the figure sat at $7.8 billion, per data from analytics platform rwa.xyz.

Exclusive | NYSE Partners With Securitize to Develop 24/7 Tokenized Securities Platform

Exclusive | NYSE Partners With Securitize to Develop 24/7 Tokenized Securities Platform

“This is about building tokenization in a way that works within real market structure, with the protections, controls, and operational integrity required for public securities,” Securitize cofounder and CEO Carlos Domingo said in a statement. 

The news comes after Securitize, backed by BlackRock and Ark Invest, announced plans last year to go public through a SPAC deal with Cantor Equity Partners at a $1.25 billion valuation. 

The partnership between Securitize and the NYSE makes the tokenization ecosystem increasingly crowded — crypto exchange Kraken is working with Nasdaq to offer tokenized stocks and other exchange-traded products, while S&P Dow Jones announced last week licensing the S&P 500 for a derivative contract on perpetual blockchain network Hyperliquid. 

Tokenization refers to the process of representing financial assets, such as stocks and private credit, through digital tokens that live on blockchain networks. The global market for tokenization stands at $26.5 billion, multiples higher from one year ago, when the figure sat at $7.8 billion, per data from analytics platform rwa.xyz.

Yaël Bizouati-Kennedy
3/24/26
Analyst: Traders are itching for a reason to start buying bitcoin again

Investors are clinging to any bit of good news amid the conflict in the Middle East.

Bitcoin store
crypto
Sage D. Young

Ethereum rises amid market rally, but traders remain unconvinced price can break $2,500

Ethereum jumped 6.4% to trade at the $2,170 level on Monday morning, resulting in $208 million worth of liquidations in the last 24 hours with over 60% coming from short positions. 

That said, traders are not convinced the token has enough fuel to climb above $2,500. Prediction market-implied odds of ethereum trading above $2,500 in March have increased from 6% to 23% this morning, but the probability was 70% seven days ago. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Rather, the bearish mood remains, with traders pricing in an implied 67% probability the price of ethereum slips as low as $1,750 this year.

The price action comes as ethereum ETFs registered their first weekly outflow in March, as $59.9 million exited the investment funds last week, per SoSoValue. 

Elsewhere, the largest ethereum treasury firm, BitMine Immersion Technologies, announced acquiring 65,341 tokens last week worth around $141.8 million at current prices, bringing the value of its total ethereum holdings to $10.1 billion. The firm also stated it is the largest staking entity in the world, with over 67% of its ethereum stockpile contributing to the network’s security, according to a company press release.

“As many have noticed, crypto and particularly ETH have outperformed the broader market since the Iran war commenced, with ETH rising 18% and outperforming equities,” BitMine Chairman Tom Lee said in a statement. Lee added, “This is a marked contrast to Gold (a traditional store of value), which has fallen more than 15%. Crypto is demonstrating itself to be a good ‘war time’ store of value.” 

BitMine’s unrealized loss on its ethereum purchases currently stands at nearly $7 billion, per DropsTab data.

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