Source: Cointelegraph Original: "{title}"
According to Google Finance, GameStop's market value evaporated by nearly $3 billion on March 27 as investors expressed skepticism about the video game retailer's plan to accumulate Bitcoin (BTC).
On March 26, GameStop revealed plans to use proceeds from $1.3 billion in convertible debt to purchase Bitcoin—this has become a strategy for an increasing number of publicly traded companies to enhance stock performance.
GameStop's announcement came a day before it proposed establishing a cryptocurrency reserve that includes Bitcoin and stablecoins pegged to the US dollar.
Investors initially celebrated the news, leading to a 12% increase in stock price on March 26. However, shareholder sentiment reversed on March 27, pushing GameStop's stock (GME) down nearly 24%.
On March 27, GameStop's stock price reversed its gains. Source: Google Finance
Lukewarm Reaction
Analysts stated that this lukewarm response reflects concerns that GameStop may be attempting to divert investors' attention away from deeper issues with its business model.
Bret Kenwell, an investment analyst at eToro US, told Reuters on March 27, "Investors are not necessarily optimistic about its underlying business."
"There are questions about GameStop's business model. If Bitcoin becomes a turning point, what about other aspects?"
The sell-off also highlighted investors' increasingly pessimistic outlook on Bitcoin, as macroeconomic instability (including ongoing trade wars) affected the spot price of cryptocurrencies.
According to Google Finance, as of March 27, Bitcoin has fallen about 7% year-to-date, hovering around $87,000.
Agne Linge, head of growth at the decentralized finance (DeFi) protocol WeFi, told Cointelegraph, "Bitcoin's price briefly rose to $89,000, but it has now reversed its trend."
Linge added that the trade war triggered by tariffs from President Trump remains a focal point for traders.
Public companies are among the largest holders of Bitcoin. Source: BitcoinTreasuries.NET
Corporate Bitcoin Reserves
GameStop is a relatively late entrant among publicly traded companies creating Bitcoin reserves.
According to FinanceCharts, Bitcoin's price increase in 2024 has caused Strategy's stock price to soar over 350%.
Founded by Michael Saylor, Strategy has spent over $30 billion on Bitcoin since it began corporate Bitcoin accumulation in 2020, according to data from BitcoinTreasuries.NET.
Strategy's success has prompted dozens of other companies to start building their own Bitcoin reserves. Data indicates that as of March 27, publicly traded companies collectively hold nearly $58 billion in Bitcoin.
Related: Will GameStop's purchase of Bitcoin help the price reach $200,000?
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
