Gamestop has just announced its first BTC purchase🚀

2Mo

@Psychedelic_Sunflower 6:30 pm - but it probably depends on the announcement😂

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2Mo

Am pure 🚀🚀🚀🚀

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CaYaRo@CaYaRo

2Mo

Now I also know the reason why the stock fell 10% intraday (from the daily top).

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Das Portfoliopferd@Portfoliopferd

2Mo

@CaYaRo The daily top came directly after the announcement :) So the share price reacted positively and has now fallen a little. But since the overall market is currently falling, that doesn't necessarily mean much. Wait and see :)

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CaYaRo@CaYaRo

2Mo

@stefan_21 -16% and this will probably increase towards the end of the day;
IMHO, disappointment prevails in the market;

the hope would have been that GME is planning (after NFT, PSA, online gaming and all the other announced digital stuff) on a more far-reaching sustainable business case of the future;

instead they just buy mindless BTC 🤦‍♂️

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Charmin@Charmin

2Mo

Herrje …

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2Mo

I think companies are welcome to hold Bitcoin as a reserve, especially if they make too much profit and don't know how to invest it. But I have heard that this is not the case with GME.

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2Mo

@Portfoliopferd It's all very weird with GME. I think they have around 4 billion in cash.
But they issued convertible bonds worth 1.3 billion for the BTC purchase.
Instead of the 1.3 billion, they only invested around 500 million.
And when asked about their future strategy, Cohan was evasive and said that they are not following a strategy, will not announce any further purchases and are "doing their thing".
When asked what message he wanted to send to the world, he said live at the BTC conference that everyone should do what they want and - YOLO😂
So I think the expectations of GME regarding Bitcoin were far exceeded verfehlt🤷‍♂️

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Echsenkönig Atokarn@Bezehgombjuderstimme

2Mo

Why do they buy Bitcoin? Is there a special reason for this?

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2Mo

@UltimateValueFighter Soon you'll be able to exchange your used bitcoins for €25,000 per coin 🤡

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2Mo

@Bezehgombjuderstimme hahaha

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2Mo

@UltimateValueFighter They include BTC as a reserve asset on the balance sheet. Cohen had met with Saylor a few times in advance and sought advice.

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2Mo

@stefan_21 They won't achieve anything with their broken and old business model.

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2Mo

@UltimateValueFighter It depends on how they do it. Look at what happened to Microstrategy and Metaplanet :)

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2Mo

@stefan_21 You're right, but I'm curious to see where these companies are headed. Metaplanet is a very dizzy company for me :)

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2Mo

@UltimateValueFighter yes for me too... the company was on the verge of bankruptcy, if I'm not mistaken they only had one old hotel😅
In the meantime, they tried to realign themselves with blockchain and Web3, but that didn't work either.
And now Metaplanet with its BTC strategy was the best performing stock worldwide in 2024😂 already wild😂

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2Mo

@stefan_21 completely wild go to their website and have a look at the hotel, it's so fucked up hahah. And Trump's son is there as an advisor. That all sounds like shoring up the place to me ahahahah

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CaYaRo@CaYaRo

2Mo

@stefan_21 get advice? rather be persuaded...

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SathosiRuffy@SathosiRuffy

2Mo

@CaYaRo as you can see. Saylor at least presented him with the Strategy Playbook :) What GME makes of it is up to them.

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2Mo

Are you getting in? 😏

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SathosiRuffy@SathosiRuffy

2Mo

@SathosiRuffy Am thinking of throwing some play money in, yes😂

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2Mo

It's very surprising that the thing hasn't completely exploded now 😅

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2Mo

@stefan_21 here we go am in with 600 😇

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2Mo

@SathosiRuffy the purchase has been expected for some time :) I would have expected even more. After all, they raised 1.3 billion by issuing convertible bonds to buy BTC. But I think that's yet to come.
Something will definitely be announced today. They won't announce nothing at 18:30 on the Main Stage :)

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2Mo

@stefan_21 why is it falling off like this now 😂

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2Mo

@Shem_sen no idea😂 maybe too many are too leveraged into the market? On the other hand, BTC is also falling a little at the moment. I'm looking forward to the BTC conference tonight. Let's see what else is coming

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Mark777@Mark777

2Mo

@Shem_sen you went in with too little, all in would have been better for the price development

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