文件显示，截至2月，Strategy共持有超过44.7万枚比特币。这家原本主营业务为软件的公司因为持有比特币而在过去一年中看到股价的大幅走高，12个月内已经累计上涨超80%。① The Board of Directors of GameStop has approved an updated investment policy that includes Bitcoin in its reserve Assets, resulting in an 8.27% increase in the stock price after hours; ② An Analyst pointed out that even if GameStop spends $4.6 billion in Cash to buy Bitcoin, its stock price is unlikely to have much room for significant increase; ③ Fundamentally, GameStop's net sales in the fourth quarter fell by 28%, and the adjusted Net income for the whole year was lower than the same period last year.
On March 26, Financial Associated Press reported (Editor: Ma Lan) that on Tuesday, the U.S. stock company $GameStop (GME.US)$ (GameStop) announced that it has approved an update to the company's investment policy, adding $Bitcoin (BTC.CC)$ to the company's reserve assets. As a result of this news, the stock rose 8.27% in after-hours trading. As of the time of publication, it has increased nearly 10% in night trading.
In February, there were advance reports about this action. At that time, GameStop's CEO Ryan Cohen posted on X a photo related to $Strategy (MSTR.US)$ A photo with CEO Michael Saylor, who is known for his large-scale purchases of Bitcoin, making him the de facto Bitcoin investment company.
Documents show that as of February, Strategy held over 0.447 million Bitcoins. This company, originally primarily focused on Software, has seen a significant rise in its stock price over the past year due to its Bitcoin holdings, accumulating over an 80% increase in 12 months.
GameStop is evidently excited about this story and plans to replicate it.
Draw a tiger but instead resemble a dog?
Wedbush Analyst Michael Pachter stated on Monday before GameStop released its Earnings Reports that the company's Global Strategy has changed six times in the past three years, and now he wants to purchase Bitcoin to become the next Strategy.
He pointed out that the issue with this idea is that Strategy's stock is actually trading at about twice the value of its Bitcoin holdings in the market. If GameStop uses its 4.6 billion dollars in Cash to completely purchase Bitcoin and hopes to trade its stock like Strategy at double the price, then its stock price would actually fall by 5 dollars.
Based on the current price of Bitcoin, $Strategy (MSTR.US)$ The value of the Bitcoin held is approximately 38.89 billion dollars, while its Market Cap is 87.44 billion dollars, giving a ratio of about 2.25 times.
In contrast, GameStop's 4.6 billion dollar investment in Bitcoin, based on the Strategy's situation, can only elevate GameStop's Market Cap to about 10.3 billion dollars, which is actually a decline from the current 11.44 billion dollars.
From GameStop's fundamentals, the company's net sales for the fourth quarter were 1.28 billion dollars, a 28% decline year-on-year, and the adjusted Net income for the entire year was 36.1 million dollars, lower than the 64.7 million dollars of the same period last year. This is also difficult to support the company's stock price.
However, according to GameStop, it plans to use part of the company's Cash balance and future potential revenue from debt or equity issuance to invest in Bitcoin or US dollar-denominated stablecoins, so the specific purchase scale is yet to be known.
Bitgo CEO Mike Belshe suggested that GameStop should invest 90% of its Cash into Bitcoin, using timed Trades over 1, 2, 4, and 8 years for investment, and then distribute 50% of the profits as dividends.
Editor/Rocky
