00:00 Speaker A

GameStop this morning. GameStop approving a plan to buy Bitcoin with its cash holdings. The video game retailer following the footsteps of strategy, formerly known as MicroStrategy, which has bought billions of dollars worth of Bitcoin in recent years. GameStop also reported fourth quarter results with net sales declining 28% from a year earlier. Taking a look at shares, investors, they are looking forward to these purchases coming from GameStop towards Bitcoin here and perhaps the meeting between um Cohen and Michael Saylor was a little bit more about what GameStop should be doing in its strategy than, you know, just offering games and titles and having a lot of brick and mortar locations that I would imagine are continuing to underperform at this juncture.

01:26 Speaker B

I mean, I keep laughing at this story because this is obviously a meme stock. This is not a company that’s trading on fundamentals. They had a terrible earnings print and yet you’ve got the stock up nearly 11% here, but maybe I shouldn’t be throwing so much shade at them off of that. Maybe this is them kind of finding a way to become a new Bitcoin friendly company. They’re trying to follow in the footsteps of strategy here. Taking a look at their cash holdings, they have about 4.8 billion in cash. That’s as of February of this year, significantly less of course than MicroStrategy, which is the biggest corporate holder of cryptocurrency here. So I wonder to what extent they will be able to afford to become a strong Bitcoin holder. It seems that they have not really set a ceiling or given us details about how much crypto they plan to buy, but maybe this is just a shift in strategy. I mean, who knows what happens with the flagship stores themselves, you know, if they just go all in on digital currencies.

02:56 Speaker A

I mean, look, if you hate the player that you’re looking at in the mirror, change the game. And that’s exactly what they’re doing with this. I mean, I think they’re really trying to censor so much more of the investor confidence and hinge it back to. What there is a lot of overlap and there’s a lot of overlap between gamers and cryptocurrency. There always has been. And so, as we’re thinking about how you continue to engage with that same community while also ensuring that you’re giving them something that might be investible in, should they so choose. This is the latest shift that could perhaps play out well and still retain some of that mind share for gamers who also want to invest.

04:05 Speaker B

Yeah.