Author: dfmines

Gamestop is raising $1.3 billion to supercharge its bitcoin treasury strategy—despite holding $4.76 billion in cash—mirroring an aggressive, Microstrategy-style playbook. Gamestop Raising $1.3B, Aims to Build Bitcoin-Fueled Treasury Gamestop Corp. (NYSE: GME) announced on March 26 that it intends to raise $1.3 billion through a private offering of convertible senior notes, aiming to tap into […]

submitted by /u/002_timmy [link] [comments]

submitted by /u/partymsl [link] [comments]

Pumpswap, the latest decentralized exchange (DEX) from Pump.fun, has hit record highs in daily and weekly trading volume, reaching $488 million and $1.55 billion, respectively. Despite its rapid growth, Pumpswap still trails Raydium in market dominance, signaling an ongoing battle for supremacy in Solana’s DEX ecosystem. PumpSwap’s Explosive Growth Looks to Challenge Raydium in Solana […]

GameStop shares jumped nearly 12% on March 26 after the company announced plans to purchase Bitcoin (BTC). The company plans to finance the purchase through debt financing. After markets closed on March 26, GameStop announced a $1.3 billion convertible notes offering. The convertible senior notes — debt that can later be converted into equity — will be used for general corporate purposes, including acquiring Bitcoin, according to a company statement.“GameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop’s Investment Policy,” it said. The company revealed on March 25 plans to use a portion of its corporate cash or future debt to buy digital assets, including Bitcoin and US-dollar-pegged stablecoins. GameStop’s cash reserves stood at $4.77 billion on Feb. 1 compared to $921.7 million one year earlier.According to Google Finance, GameStop shares closed at $28.36 on the NYSE, marking an 11.65% gain for the day.GameStop stock performance on March 26. Source: Google FinanceThe company reported a net income of $131.3 million for Q4 2024 compared to $63.1 million for the prior year Q4. Although net sales had fallen $511 million year-over-year, the company has been aggressively cutting expenses, including closing 590 stores throughout the United States in 2024.GameStop was once at the center of the 2021 meme stock craze when retail traders orchestrated a “short squeeze” that sent the price of the stock soaring. Some hedge funds closed down as a result of losses sustained during the short squeeze, giving the GameStop meme stock rise a “David vs. Goliath” narrative.Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan execMore companies adopt Bitcoin reserve strategyGameStop is following the lead of Strategy, which first added Bitcoin to its treasury in August 2020. As of December 2024, Strategy’s stock had gained 3200% since adopting its crypto strategy.Metaplanet, a Japanese company with plans to buy 21,000 BTC by 2026, saw its stock price rise 4800% since announcing the move. In promotional materials, Metaplanet said it had attracted a significant number of new investors, with its market capitalization rising by 6300%.Semler Scientific also saw a spike in its share price after announcing plans to purchase Bitcoin. According to CoinGecko, 32 publicly traded companies hold BTC on their balance sheets. Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Gracy Chen, CEO of cryptocurrency exchange Bitget, criticized Hyperliquid’s handling of a March 26 incident on its perpetual exchange, saying it put the network at risk of becoming “FTX 2.0.”On March 26, Hyperliquid, a blockchain network specializing in trading, said it delisted perpetual futures contracts for the JELLY token and would reimburse users after identifying “evidence of suspicious market activity” tied to the instruments. The decision, which was reached by consensus among Hyperliquid’s relatively small number of validators, flagged existing concerns about the popular network’s perceived centralization.“Despite presenting itself as an innovative decentralized exchange with a bold vision, Hyperliquid operates more like an offshore [centralized exchange],” Chen said, after saying “Hyperliquid may be on track to become FTX 2.0.”FTX was a cryptocurrency exchange run by Sam Bankman-Fried, who was convicted of fraud in the US after FTX’s abrupt collapse in 2022. Chen did not accuse Hyperliquid of specific legal infractions, instead emphasizing what she considered to be Hyperliquid’s “immature, unethical, and unprofessional” response to the event.“The decision to close the $JELLY market and force settlement of positions at a favorable price sets a dangerous precedent,” Chen said. “Trust—not capital—is the foundation of any exchange […] and once lost, it’s almost impossible to recover.”Source: Gracy ChenRelated: Hyperliquid delists JELLY perps, citing ‘suspicious’ activityJELLY incidentThe JELLY token was launched in January by Venmo co-founder Iqram Magdon-Ismail as part of a Web3 social media project dubbed JellyJelly. It initially reached a market capitalization of roughly $250 million before falling to the single digit millions in the ensuing weeks, according to DexScreener. On March 26, JELLY’s market cap soared to around $25 million after Binance, the world’s most popular crypto exchange, launched its own perpetual futures tied to the token. The same day, a Hyperliquid trader “opened a massive $6M short position on JellyJelly” and then “deliberately self-liquidated by pumping JellyJelly’s price on-chain,” Abhi, founder of Web3 company AP Collective, said in an X post.BitMEX founder Arthur Hayes said initial reactions to Hyperliquid’s JELLY incident overestimated the network’s potential reputational risks.“Let’s stop pretending hyperliquid is decentralised. And then stop pretending traders actually [care],” Hayes said in an X post. “Bet you $HYPE is back where [it] started in short order cause degens gonna degen.”Binance launched JELLY perps on March 26. Source: BinanceGrowing painsOn March 12, Hyperliquid grappled with a similar crisis caused by a whale who intentionally liquidated a roughly $200 million long Ether (ETH) position. The trade cost depositors into Hyperliquid’s liquidity pool, HLP, roughly $4 million in losses after forcing the pool to unwind the trade at unfavorable prices. Since then, Hyperliquid has increased collateral requirements for open positions to “reduce the systemic impact of large positions with hypothetical market impact upon closing.” Hyperliquid operates the most popular leveraged perpetuals trading platform, controlling roughly 70% of market share, according to a January report by asset manager VanEck. Perpetual futures, or “perps,” are leveraged futures contracts with no expiry date. Traders deposit margin collateral, such as USDC, to secure open positions.According to L2Beat, Hyperliquid has two main validator sets, each comprising four validators. By comparison, rival chains such as Solana and Ethereum are supported by approximately 1,000 and 1 million validators, respectively. More validators generally lessen the risk of a small group of insiders manipulating a blockchain. Magazine: What are native rollups? Full guide to Ethereum’s latest innovation

submitted by /u/hiorea [link] [comments]

Egrag Crypto, a prominent crypto market analyst on X (formerly Twitter), has unveiled new bullish projections for the XRP price, with an ambitious extended target of $44. The price forecast has sparked excitement among investors, especially as the analyst reveals the ideal time to take profits.  XRP Price Next Bullish Targets Unveiled On March 25, Egrag Crypto shared an XRP price analysis, revealing several measured bullish targets for the cryptocurrency. The analyst predicted that his extended or long-term price target for XRP was $44, representing a massive 1,688% increase from its present market value.  Related Reading: XRP Price Ready To Bounce Back Above $3 If Bulls Can Hold This Level Egrag Crypto’s future price projections for XRP highlight a conservative target of $15, a normal measurement of $22, a personal target of $27, and an extended measurement of $44. While the extended bullish target represents the most ambitious scenario, considering XRP is still trading under $3, the analyst suggests that the cryptocurrency could first reach these intermediate levels before making a push toward $44. Notably, the analyst has shared a chart, highlighting XRP’s support and resistance levels, and historic trendlines. The upward blue trendline represents a long-term rising support level at $1.99. Additionally, the white and black horizontal lines in the chart show that the XRP price recently broke above a key resistance zone, further reinforcing its bullish position.  Egrag Crypto also cites XRP’s historical price action and trend lines as support for his projected bullish targets. The yellow arrow in the chart shows that in 2018, the cryptocurrency experienced a major price surge to its current ATH of $3.84. As highlighted by the blue arrow, another major price spike occurred in the last bull run in 2021. Following this bull market trend, XRP is expected to rally again before the end of the bull cycle in Q4 2025. While this projected surge to $44 may seem rather ambitious, XRP has historically demonstrated the potential for exponential growth during bull cycles. Just this year, the cryptocurrency had surpassed expectations, jumping from $0.5 to $3 for the first time in almost 7 years.  When Traders Can Take Profits While the extended bullish measurement of $44 is an optimistic scenario for the XRP price, Egrag Crypto has advised investors to be strategic with their profit-taking approach. The analyst suggests that traders can consider securing profits as prices gradually go up rather than waiting for the highest possible price, which can be unpredictable. This strategy prioritizes risk management, guaranteeing some returns even if the price of the cryptocurrency later drops.  Related Reading: XRP Price Continuation After Crash Below $2.4? New Targets Emerge Egrag Crypto’s XRP price chart shows that during the last rally, the analyst took profits early at $2.42 instead of waiting for a price peak. This time, he has identified the price point between $5 and $9 as a key zone where traders can start taking profits before XRP reaches its first conservative target of $15. Featured image from iStock, chart from Tradingview.com

In a recent social media post, former Coinbase CTO Balaji Srinivasan argued that U.S. dollar inflation acts as a form of global taxation, highlighting the disparity in financial impacts between Americans and the global population. He noted that if the approximately $6 trillion printed since 2020 were distributed solely among the 330 million Americans, each […]