GameStop And K33 Load Up On Bitcoin As Corporate Adoption Accelerates

GameStop has made its first major Bitcoin purchase and Norwegian crypto firm K33 is gearing up to do the same as corporate adoption of BTC gains momentum.

The two companies are the latest to embrace BTC as a treasury asset, mirroring the model of Michael Saylor’s Strategy (formerly MicroStrategy).

GameStop confirmed yesterday that it had bought 4,710 BTC worth about $513 million. Broker K33, meanwhile, has raised $6.2 million through convertible loans and share issuance, with plans to use the entire sum to buy Bitcoin.

“Bitcoin will be the best performing asset in the coming decade,” said K33 CEO Bull Jenssen in a May 28 post on X. ”My goal with K33 is to accumulate as many as possible while unlocking powerful operational synergies with our brokerage operation.”

Bitcoin

K33 And GameStop Follow Strategy’s Fundraising Playbook To Buy Bitcoin

K33 said it secured the funding for the BTC buys through convertible loans and a new issue of shares and warrants. The convertible loans consist of $4.6 million in interest-free warrants that are set to mature on June 30, 2028. The remaining capital will come from a new share issuance and warrants, it added.

The approach to buying Bitcoin through debt-financing was pioneered by Strategy, which is the largest corporate BTC holder globally. Data from BitcoinTreasuries shows Strategy currently holds 580.250 BTC, which is 2.763% of the crypto’s capped 21 million supply.

While MicroStrategy’s share trade at a massive premium to Bitcoin, investors did not react positively to GameStop’s Bitcoin buy. The company’s shares plunged over 10% during yesterday’s trading session, according to Google Finance

The latest Bitcoin buys by companies follows an announcement on May 27 by Trump Media and Technology Group (TMTG), the parent company of US President Donald Trump’s Truth Social Platform, that it is raising $2.5 billion to start buying Bitcoin. TMTG shares plunged 6% plunge yesterday.

Related Articles:

  • Trump CFTC Chair Pick Brian Quintenz Reveals Crypto Ties Amid Staff Exodus
  • Elon Musk’s X Money Enters Beta Testing — DOGE Integration Incoming?
  • North Korea Gang Test NFTs For Illegal Foreign Trades

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