It was a pretty wild move to say we need to raise $1.3 billion to buy BTC but also we are going to close a bunch of stores... I get store closure but to pair it with raising money for BTC is a pretty big stretch.... Esp. that dollar amount
GameStop did show it could be done..... Still confused though by this move just because well their first foray into "crypto" with NFTs blew up and cost them a few billion if I am remembering correctly.... Stock holders arnt going to forget that...
Maybe investors wanted Gamestop to create some s**tcoin treasury! Or, may be just may be Saylor is shortselling them for he doesn't want competition. Haha
Yeah it’s hard to say. But overall the stock market has been pretty weak. Maybe investors are like you bought bitcoin BFD. We saw this already. How will this make GameStop a better business
It's interesting, GME was up 12% yesterday after announcing they would hold bitcoin in their treasury. But now down that and more after announcing a Michael Saylor style playbook of issuing convertible bonds to buy bitcoin.
It was a pretty wild move to say we need to raise $1.3 billion to buy BTC but also we are going to close a bunch of stores... I get store closure but to pair it with raising money for BTC is a pretty big stretch.... Esp. that dollar amount
I feel like every company's exit strategy is going to be, "Let's see if we can drum up a meme and then dump as much of our bags on retail as we can."
GameStop did show it could be done..... Still confused though by this move just because well their first foray into "crypto" with NFTs blew up and cost them a few billion if I am remembering correctly.... Stock holders arnt going to forget that...
Yikes investors definitely didn’t like that
Maybe investors wanted Gamestop to create some s**tcoin treasury!
Or, may be just may be Saylor is shortselling them for he doesn't want competition. Haha
Yeah it’s hard to say. But overall the stock market has been pretty weak. Maybe investors are like you bought bitcoin BFD. We saw this already. How will this make GameStop a better business
Yes, that may be reason as well.
But CNN did it for today's drop with
"GameStop is closing a ‘significant number’ of stores and will invest heavily in bitcoin"
@remindme in 1 year
@remindme in 2 years
@remindme in 3 years 😂
It's interesting, GME was up 12% yesterday after announcing they would hold bitcoin in their treasury. But now down that and more after announcing a Michael Saylor style playbook of issuing convertible bonds to buy bitcoin.
Yeah odd that. Maybe they should have bought some btc with their 1Bn in cash before issuing bonds.
Just buy it, don't fuck around
Hard to outperform Bitcoin.