GameStop announced today that it’s offering $1.3 billion worth of stock to fund Bitcoin acquisitions, which prompted a 12% gain in its stock.

GameStop’s plan has caused an impressive price rally, but it is still risky. With this move, it plans to incur more debt than its total net sales in Q4 2024.

GameStop To Buy Bitcoin With Stock Offering

GameStop, an American electronics retailer that has dabbled in Web3, is preparing to substantially re-enter the crypto space. Yesterday, the firm announced that it would begin using Bitcoin as a treasury asset, boosting its stock price.

Today, GameStop detailed via press release how it plans to fund these Bitcoin acquisitions.

“GameStop today announced that it intends to offer… $1.3 billion aggregate principal amount of 0.00% Convertible Senior Notes… to persons reasonably believed to be qualified institutional buyers. GameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin,” it claimed.

The first rumors about GameStop’s pivot to Bitcoin circulated when its CEO, Ryan Cohen, met with Michael Saylor. Under Saylor, MicroStrategy became one of the world’s largest Bitcoin holders.

Recently, he’s been funding these acquisitions through massive stock sales, and GameStop is apparently replicating the strategy.

Meanwhile, GameStop’s stock price has experienced positive momentum since the announcement. It increased nearly 20% throughout the week and almost 12% today.

By pursuing the Bitcoin strategy, GameStop is opening itself up to lucrative new opportunities and potential new risks. Since Saylor pioneered this plan, MicroStrategy has taken on enormous debts through its stock sales and is practically unable to sell its Bitcoin.

However, its MSTR stock price also ballooned wildly at a time when its core business model was becoming unviable. GameStop will hope for similar stock market results after its Bitcoin accumulation.

Nonetheless, the company is still planning to incur more debt than its total net sales in Q4 2024. The firm’s retail activities remain a multibillion-dollar enterprise, but it’s planning a risky move. Hopefully, it’ll pay off without much difficulty.

The defunct cryptocurrency exchange Mt. Gox has executed another massive Bitcoin (BTC) transfer, moving $1 billion in BTC.

The transfer comes as the exchange’s creditor payouts approach, with the deadline set for October 2025.

Mt. Gox Shifts 11,501 BTC in Massive Transfer

According to blockchain analytics firm Arkham Intelligence, Mt. Gox transferred a total of 11,501 Bitcoins to two wallets. A change wallet (address: 1DcoA) received 10,608 BTC worth $929 million. In addition, Mt. Gox’s hot wallet (address: 1Jbez) received 893 BTC worth $78 million.

This move follows two significant transactions earlier this month. On March 6, the exchange transferred 12,000 BTC worth $1 billion at the time. Less than a week later, it made another 11,834 BTC transfer valued at $910 million.

In the latter instance, 332 BTC worth over $25 million was deposited into the Bitstamp exchange, hinting at potential liquidation activity. Thus, SpotOnChain suggested that the 893 BTC sent to the hot wallet could soon be on the move again, too.

After the latest transfer, Mt. Gox still holds 35,583 BTC worth over $3 billion. The latest actions may signal preparations as the exchange moves to repay creditors who lost funds in its infamous hack over a decade ago.

An approaching repayment deadline adds urgency to the situation. Last October, the trustee overseeing Mt. Gox’s assets extended the cutoff for creditor repayments by a year, setting a new date of October 31, 2025. 

“Many rehabilitation creditors still have not received their Repayments because they have not completed the necessary procedures for receiving Repayments. Additionally, a considerable number of rehabilitation creditors have not received their Repayments due to various reasons, such as issues arising during the Repayments process,” the notice read.

Meanwhile, the transfer had minimal impact on Bitcoin’s price. According to BeInCrypto data, BTC was only down 0.19% over the past day. At the time of writing, it traded at 86,756.

Notably, the coin has been gradually recovering from recent losses. BeInCrypto’s analysis indicates Bitcoin is approaching a breakout from a descending wedge pattern. If confirmed, this could set the stage for further gains, potentially reaching up to $95,000.

Arthur Hayes, former CEO of BitMEX, has also shared a bullish outlook for Bitcoin.

“The price is more likely to hi $110k than $76.5k next. If we hit $110k, then it’s yachtzee time and we ain’t looking back until $250k,” he wrote on X.

His reasoning is based on the expectation that the US Federal Reserve will shift from quantitative tightening (QT) to quantitative easing (QE), which would increase liquidity. Hayes also suggested that tariffs and their inflationary effect won’t have a lasting impact on the economy. Therefore, this would not hinder Bitcoin’s potential rise.

President Trump plans to announce a new round of reciprocal tariffs on April 2. This will be aimed at reducing the $1.2 trillion trade deficit for the US. He calls it “Liberation Day” for the US economy. 

As Trump’s earlier tariffs significantly impacted the crypto market and triggered liquidations, his April 2 decision might also have notable implications for the market.

What’s New with Trump’s Liberation Day Tariff Plans? 

Trump may delay some of the most aggressive sector-specific tariffs. This might include industries like those in autos, semiconductors, and pharmaceuticals.

Instead of blanket sector tariffs, the US might focus only on countries with the largest trade surpluses and the highest barriers to US goods. These are informally referred to as the “Dirty 15”—a group of 10 to 15 countries.

However, the decision is still not final. Trump could still change course, as he’s done in past announcements. 

“I may give a lot of countries breaks, but it’s reciprocal, but we might be even nicer than that. You know we’ve been very nice to a lot of countries for a long time. But I call it liberation day. April 2nd is liberation day,” the US president announced. 

Delaying or narrowing the scope of tariffs could ease some pressure on both the stock and crypto markets. 

As we’ve seen recently, when tariffs seem aggressive, markets often dip. When they seem more measured or delayed, prices often stabilize or rebound.

Possible Scenarios for the Crypto Market Under Trump’s Tariff Plans

The April 2 tariff announcement could impact the crypto market in a few key ways, depending on how aggressive or targeted the final policy is. Here’s a breakdown of how and why it might move crypto prices.

If Tariffs Are Aggressive (Broad, High Duties)

• Risk sentiment drops: Equity and bond markets would likely react negatively to aggressive tariffs, especially on autos, chips, or pharma. That tends to spill over into crypto, which investors still treat as a risk-on asset class.
• Bitcoin and Ethereum could dip, as traders hedge against slower global growth and increased inflation risk.
• Capital flight into USD or cash could trigger short-term outflows from speculative assets like altcoins.

For instance, when Trump reaffirmed steep tariffs in February, Bitcoin dropped below $90,000 amid broader market jitters. The same pattern could repeat.

If Tariffs Are Narrowed (Delays or Selective Targeting)

• Market relief rally: If Trump’s administration confirms they’ll delay auto/chip/pharma tariffs and only target a few countries with high trade barriers, investor anxiety may ease.
• That could fuel a short-term recovery in crypto prices, particularly if equity markets also rebound.
• Increased clarity reduces volatility, which markets—including crypto—tend to reward.

For instance, when Trump hinted at flexibility earlier this month, Bitcoin rebounded to around $88,000. Narrower tariffs could spark a similar uptick.

Overall, the crypto market has been highly sensitive to macroeconomic signals lately. Tariffs drive fears of slower global trade and higher inflation.

All of these affect investor risk appetite. Even though crypto isn’t directly tied to trade flows, it’s deeply entwined with broader liquidity conditions and investor sentiment.