BITCOIN SEASON 2: Gamestop pulls a Microstrategy
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 March 2025
⏱️ 33 minutes
🧾️ Download transcript
Summary
GameStop plans to buy $1.3B in Bitcoin, following MicroStrategy's playbook. How does this connect to GameStop's 2021 meme stock saga, company financials, and can this pivot can save a retailer whose core business is declining.
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We dive into GameStop's surprising announcement to raise $1.3 billion in convertible notes, potentially to buy Bitcoin. The hosts explore how this connects to the 2021 meme stock saga that gave GameStop its massive cash position, Ryan Cohen's relationship with Michael Saylor, and whether this Bitcoin strategy is a life raft for a retail gaming business in decline. With GameStop's revenue dropping from $8.5B to $3.8B over eight years, is this a smart pivot or just vibe investing?
Notes:
- GameStop announces $1.3B convertible note offering
- Revenue declined from $8.5B to $3.8B in 8 years
- Company has $4.76B cash on balance sheet
- Cash position largely from 2021 meme stock frenzy
- Zero debt after paying off all loans
- Saylor posted photo with Ryan Cohen: "Team Bitcoin"
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Timestamps:
00:00 Start
00:28 GameStop enters the chat
02:05 GME be buying
07:58 Roaring Kitty Redux
10:43 Financials
13:25 Arch
13:56 Business evolution
20:14 Volatility trade
25:28 Not a crazy pivot
30:22 BTC makes an honest market or not...
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Transcript
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| 0:00.0 | Is GameStop the next micro strategy? |
| 0:02.9 | We're talking the biggest of memes, meeting the biggest of companies. |
| 0:07.4 | GameStop is buying billions in Bitcoin. |
| 0:09.9 | Yes, you heard that right. |
| 0:11.5 | We're going to talk about today on Bitcoin Season 2. |
| 0:13.8 | Bitcoin Season 2 is brought to you by Arch Network, building bridgeless apps on Bitcoin. |
| 0:18.9 | More on Arch later in the show. |
| 0:20.1 | Let's kick it off. |
| 0:28.2 | Colin, it's finally here. |
| 0:30.6 | The prophecy has been fulfilled. |
| 0:34.4 | A meme stock is converging on the meme financial strategy of not buying a meme coin, |
| 0:41.8 | but certainly buying something that has one of the strongest memetic energies of any asset in recent memory, Bitcoin. |
| 0:48.3 | We're going to create a meme black hole here with GameStop buying Bitcoin. Bitcoin's a black hole, |
| 0:54.1 | but I think this has the potential |
| 0:56.5 | to suck all the air out of whatever trend is hot. Like right now, everybody's talking about the |
| 1:02.1 | studio Ghibli edits on Chat GPT, but before you know it, those could take sideline to the |
| 1:09.8 | GME and Bitcoin story. |
| 1:12.6 | Or they may not. |
| 1:13.8 | Who knows? |
| 1:14.3 | We converge. |
| 1:15.3 | Studio Ghibli rendition of Michael Saylor and Ryan Cohen laughing on their yacht as they sucker |
| 1:25.1 | hundreds of thousands of investors into buying their stocks, which may or may not |
... |
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