Will GameStop, AMC Follow MicroStrategy, Rumble Into Bitcoin?

MicroStrategy Inc (NASDAQ:MSTR) drove market conversations around a “Bitcoin treasury,” whereby companies allocate treasury funds to Bitcoin (CRYPTO: BTC) rather than traditional investments. Rumble Inc (NASDAQ:RUM) followed suit, as revealed in an announcement on Monday. This begs the question: Which companies will adopt Bitcoin next?

The Announcement: Shares of Rumble jumped over 3% on Tuesday morning following the company board’s approval of a Bitcoin plan. The strategy involves potential investments of up to $20 million in Bitcoin, or approximately 212 coins at current market prices.

MicroStrategy’s stock has catapulted over 400% in 2024 due to the company’s high exposure to Bitcoin.

Commentators Catch On: Angel investor Jason Calacanis reacted sarcastically to the decision in a post on X.

“Let's get GameStop to move cash to btc next! To the moon 🚀😂😂😂,” Calacanis posted. “What could go wrong!”

Other users joked that MicroStrategy CEO Michael Saylor had created an “infinite money printing machine.”

What’s Next?: Other meme and retail-oriented stocks could join the fray, including GameStop Corp (NYSE:GME) and AMC Entertainment Holdings Inc (NYSE:AMC). Benzinga has contacted both companies for comment on the matter.

GameStop’s board approved a plan in 2023 allowing CEO Ryan Cohen to have increased control over the company’s large cash hoard. Cohen could allocate cash to alternative investments.

Some investors are seemingly not enthused. A Benzinga poll in June found that GameStop followers were least interested in cryptocurrency investments among other potential company announcements.

Also Read:

• Bitcoin Correction Could Go As Deep As $88,700 But $125,000 Year-End Target Remains In Play, Says Standard Chartered

Image created using artificial intelligence via Midjourney.

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