The Prophecy is Fulfilled: Gamestop to Buy BTC

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 27 March 2025

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Your 2021 self just did a happy dance. Gamestop and Bitcoin have converged as the company plans to spend it's big cash pile at least in part on a BTC treasury reserve. Could anything be more perfect? Sponsored by: Ledger Ledger, the world leader in digital asset security, proudly sponsors The Breakdown podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now on Ledger.com. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Wednesday, March 26th, and today we are talking, yes, GameStop and Bitcoin, all in one.
0:26.9	Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:35.4	You can find a link at the show notes or go to bit.ly slash breakdown pod.
0:39.2	Well, friends, just when you thought Memstock mania was over for good, GameStop has announced a Bitcoin treasury strategy.
0:45.6	On Tuesday in their quarterly earnings, the company announced the change to their investment policy to allow Bitcoin to be held as a treasury asset.
0:52.8	This move has been hinted at for a while.
0:55.6	CNBC reported in February that GameStop was considering a crypto investment, and a few
0:59.8	weeks ago, CEO Ryan Cohen had posted a picture of himself meeting with Michael Saylor and Mara Lago.
1:05.0	So does it make any sense at all for a basically defunct brick-and-mortar retailer to lean into
1:09.3	Bitcoin? The market certainly seems to
1:11.4	think so, with the stock up 10% in after-hours trading. Then again, a 10% move is peanuts for the
1:16.6	highly reflexive meme stock and could simply be a knee-jerk reaction to the company's next caper.
1:21.1	Digging into the financials, there could be a lot to like here. The company is cash flow
1:24.7	positive with net income of 131 million for the fourth quarter.
1:28.2	That's more than double their returns for the same quarter of last year.
1:31.3	Annual net income was up 1,950% compared to a fairly disastrous $6.7 million in 2023,
1:37.9	with the company barely breaking even on $5 billion in revenue.
1:40.9	This was all a huge surprise to Wall Street analysts,
1:43.4	with earnings per share coming in
1:44.6	about four times higher than consensus estimates. GameStop are also sitting on a gargantuan
	...

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