Source: Cointelegraph Original: "{title}"
GameStop, a company that has transformed from a video game retailer to a "meme stock," has experienced dramatic ups and downs in recent years. After escaping bankruptcy in 2021 with a surge in stock prices, the company has made a series of smart business decisions, including scaling back its physical operations and focusing on high-margin products.
Now, GameStop is trying to ensure its survival by investing in Bitcoin (BTC). This strategy has already proven effective for Michael Saylor's business intelligence company MicroStrategy, which has transformed into a "Bitcoin bank" by continuously buying Bitcoin and has accumulated over 500,000 BTC. Despite experiencing significant volatility, MicroStrategy's stock price has increased by more than 2100% since it first purchased Bitcoin in 2020.
GameStop has regained attention through the meme effect—who says it can't survive for at least another decade by riding the Bitcoin wave?
This issue of Crypto Biz will focus on: GameStop's Bitcoin gamble, the capital-raising effect of asset tokenization, and the recovery of Bitcoin mining revenues.
On March 25, 2025, GameStop confirmed that it has received board approval to invest in Bitcoin and stablecoins pegged to the US dollar. Considering the company's nearly $4.8 billion cash balance, this video game retailer could make a significant move. This increase is quite remarkable compared to the approximately $922 million cash balance the company had a year ago.
At the same time, there are reasons to believe that GameStop's CEO Ryan Cohen has been "red-pilled" after meeting with Michael Saylor and has begun to take an interest in Bitcoin. Cohen posted an untitled photo on February 8, showcasing his meeting with Saylor, confirming the occurrence of this meeting.
Source: Ryan Cohen
On Saylor's side, he continues to accumulate as much Bitcoin as possible. Just earlier this week, he announced that MicroStrategy had acquired another 6,911 BTC, bringing its total Bitcoin reserves to 506,137 BTC.
Tokenized Real Estate Arrives on Polygon
DigiShares has launched a real estate trading platform on Polygon, providing investors with liquidity access to commercial and residential properties.
RealEstate.Exchange, also known as REX, initially offers two luxury properties located in Miami, Florida, including a 520-unit tower and a 38-unit residential complex.
This is an image from Google Street View showcasing one of the real estate projects in Miami, Florida—The Legacy Hotel & Residences. Source: Google Maps
DigiShares CEO Claus Skaaning revealed to Cointelegraph that the REX platform has five or six more real estate projects in preparation and stated that REX will ultimately support various types of commercial and residential real estate.
REX operates in the US under a partnership with registered broker Texture Capital, which is registered with the US Securities and Exchange Commission. The platform is also applying for registration in the EU, South Africa, and the UAE.
CME Group Launches Asset Tokenization Initiative
CME Group, one of the world's largest derivatives exchange operators, has partnered with Google Cloud to advance its asset tokenization project. Specifically, CME Group is utilizing Google Cloud's Universal Ledger Technology (GCUL) to achieve on-chain tokenization of traditional assets, stating that this move will enhance capital market efficiency and large-scale payment capabilities.
CME Group Chairman and CEO Terry Duffy noted, "As the world moves toward 24/7 continuous trading, tokenization technology will bring significant efficiency improvements for collateral, margin, settlement, and fee payments." Although CME has not disclosed the specific asset classes for the pilot project, it plans to begin technical testing with market participants next year.
Bitcoin Miner Revenues Stabilize After Halving
Following the Bitcoin network's halving in April 2024 (where block rewards decreased from 6.25 BTC to 3.125 BTC), miner revenues are showing signs of recovery. According to Coin Metrics, miner revenues for this quarter are close to $3.6 billion, nearly the same as the previous quarter's $3.7 billion, marking a significant rebound from the post-halving revenue low.
Miners have quickly adapted to the latest four-year halving, although revenues remain below the peak levels seen before the 2024 Q1 halving. Source: Coin Metrics
Coin Metrics analysis states, "Nearly a year after Bitcoin's fourth halving, miners have gone through an adjustment period, gradually adapting to the new normal of reduced block rewards, compressed profit margins, and changes in operational models."
Despite the challenging market environment post-halving, some mining companies continue to adhere to a Bitcoin accumulation strategy. The CFO of Hive Digital told Cointelegraph that the company is focused on "retaining most of the Bitcoin earned from mining to benefit from potential price increases."
Crypto Biz arrives in your inbox every Thursday, bringing you the latest business dynamics in the blockchain and cryptocurrency space.
Related: Three Reasons Bitcoin Price Can't Break Through $90,000 Resistance
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