- Gamestop has completed its $1.5 billion capital raise, potentially earmarking some of the funds for Bitcoin purchases.
- Metaplanet has acquired an additional 160 BTC, raising its total holdings to 4,206 BTC.
- Bitcoin mining company MARA Holdings is set to initiate a new $2 billion stock offering aimed at increasing its Bitcoin reserves.
Public companies are increasingly shifting their balance sheets to include Bitcoin holdings. Gamestop (GME) has successfully raised $1.5 billion and may allocate a portion of that capital to bolster its Bitcoin treasury. Metaplanet (MTPLF) has increased its reserves by purchasing 160 BTC, bringing its total to 4,206 BTC. At the same time, MARA Holdings (MARA), a Bitcoin mining enterprise, is preparing to launch a $2 billion stock offering to acquire more Bitcoin, which highlights the rising institutional interest in cryptocurrency assets.
Transforming Balance Sheets into Bitcoin Reserves
The surge in public companies’ interest in Bitcoin has been noteworthy, with many adopting strategies similar to that of Strategy (MSTR) by integrating BTC into their treasury reserves.
GameStop, a prominent U.S. video game retailer, is the latest entrant in this trend. Last week, GME revealed it had revised its investment policy to recognize Bitcoin as a treasury reserve asset. According to its latest filing on Monday, the company raised a total of $1.5 billion, consisting of a $1.3 billion convertible note offering, including full utilization of a $200 million greenshoe option. The firm intends to fortify its balance sheet potentially through Bitcoin acquisitions with part of these funds.
On Tuesday, Metaplanet, a Japanese investment firm, disclosed that it added 160 BTC to its reserves for $13.3 million, purchasing at an average rate of $83,264 per Bitcoin, resulting in a total holding of 4,206 BTC.
Last week, MARA Holdings announced its plans to pursue a $2 billion stock offering to expand its Bitcoin reserves. The company has adopted Michael Saylor’s approach of raising capital through equity and convertible bond offerings to acquire Bitcoin directly from the market. It currently possesses 46,376 BTC, making it the second-largest holder among publicly listed companies, following Strategy’s 506,137 BTC.
The growing interest from public companies in Bitcoin is indicative of an increasing acceptance of BTC as a strategic asset, enhancing its credibility and potentially fostering long-term adoption. This trend generally supports a bullish sentiment for Bitcoin prices, owing to heightened demand, diminished circulating supply, and overall optimistic market perceptions. If this momentum continues, Bitcoin could experience more consistent price appreciation in the long run, albeit with typical short-term volatility as the market adjusts to this influx of institutional involvement. As of Wednesday, Bitcoin is trading near $84,400.
Top public companies holding BTC.