We dive into GameStop’s surprising announcement to raise $1.3 billion in convertible notes, potentially to buy Bitcoin. The hosts explore how this connects to the 2021 meme stock saga that gave GameStop its massive cash position, Ryan Cohen’s relationship with Michael Saylor, and whether this Bitcoin strategy is a life raft for a retail gaming business in decline. With GameStop’s revenue dropping from $8.5B to $3.8B over eight years, is this a smart pivot or just vibe investing?
Notes:
– GameStop announces $1.3B convertible note offering
– Revenue declined from $8.5B to $3.8B in 8 years
– Company has $4.76B cash on balance sheet
– Cash position largely from 2021 meme stock frenzy
– Zero debt after paying off all loans
– Saylor posted photo with Ryan Cohen: “Team Bitcoin”
Check out our Bitcoin scaling conference! Visit opnext.dev to learn more.
Timestamps:
00:00 Start
00:28 GameStop enters the chat
02:05 GME be buying
07:58 Roaring Kitty Redux
10:43 Financials
13:25 Arch
13:56 Business evolution
20:14 Volatility trade
25:28 Not a crazy pivot
30:22 BTC makes an honest market or not…
–
👉 Brought to you by Arch Network! Arch brings the speed of Solana & the best of crypto UX to Bitcoin. Tap into the rich app ecosystem on Arch & try out the testnet while you’re still early! Visit arch.network to learn more.
–
👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!
Enjoy the show? Check out our website and newsletter by clicking here.
Questions or want to sponsor? hello@blockspace.media
