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GameStop wipes out B in market cap as stockholders question Bitcoin plan

GameStop shed nearly $3 billion in market capitalization on March 27 as investors second-guessed the videogame retailer’s plans to stockpile Bitcoin (BTC), according to data from Google Finance. 

On March 26, GameStop tipped plans to use proceeds from a $1.3 billion convertible debt offering to buy Bitcoin — an increasingly popular strategy for public companies looking to boost share performance. 

GameStop’s announcement came a day after it proposed building a stockpile of cryptocurrencies, including Bitcoin and US dollar-pegged stablecoins. 

Investors initially celebrated the news, sending shares up 12% on March 26. Shareholders’ sentiment reversed on March 27, pushing GameStop’s stock, GME, down by nearly 24%, according to Google Finance. 

GameStop wipes out $3B in market cap as stockholders question Bitcoin plan

GameStop’s stock reversed gains on March 27. Source: Google Finance

Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan exec

Chilly reception

Analysts say the chilly reception reflects fears GameStop may be seeking to distract investors from deeper problems with its business model. 

“Investors are not necessarily optimistic on the underlying business,” Bret Kenwell, US investment analyst at eToro, told Reuters on March 27. 

“There are question marks with GameStop’s model. If bitcoin is going to be the pivot, where does that leave everything else?”

The sell-off also highlights investors’ more bearish outlook on Bitcoin as macroeconomic instability, including ongoing trade wars, weighs on the cryptocurrency’s spot price. 

Bitcoin is down around 7% year-to-date, hovering around $87,000 as of March 27, according to Google Finance.

Bitcoin’s “price briefly jumped to $89,000 but has now reversed its trend,” Agne Linge, decentralized finance (DeFi) protocol WeFi’s head of growth, told Cointelegraph.

Linge added that trade wars triggered by US President Donald Trump’s tariffs remain a concern for traders.

GameStop wipes out $3B in market cap as stockholders question Bitcoin plan

Public companies are among the largest Bitcoin holders. Source: BitcoinTreasuries.NET

Corporate Bitcoin treasuries

GameStop is a relative latecomer among public companies creating Bitcoin treasuries.

In 2024, rising Bitcoin prices sent shares of Strategy soaring more than 350%, according to data from FinanceCharts. 

Founded by Michael Saylor, Strategy has spent more than $30 billion buying BTC since pioneering corporate Bitcoin accumulation in 2020, according to data from BitcoinTreasuries.NET.NET. 

Strategy’s success prompted dozens of other companies to build Bitcoin treasuries of their own. Public companies collectively hold nearly $58 billion of Bitcoin as of March 27, the data shows. 

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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Starmer and Trump discuss ‘productive negotiations’ towards US-UK trade deal, Downing Street says

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Starmer and Trump discuss 'productive negotiations' towards US-UK trade deal, Downing Street says

Sir Keir Starmer and Donald Trump have discussed the “productive negotiations” towards a UK-US “economic prosperity deal”, Downing Street has said.

The two leaders discussed a possible deal in a phone call on Sunday and agreed negotiations will “continue at pace”, according to a statement.

A Downing Street spokesperson said: “The prime minister spoke to president Trump this evening.

“The president opened by wishing His Majesty the King best wishes and good health.

“They discussed the productive negotiations between their respective teams on a UK-US economic prosperity deal, agreeing that these will continue at pace this week.

“Discussing Ukraine, the prime minister updated the president on the productive discussions at the meeting of the Coalition of Willing in Paris this week. The leaders agreed on the need to keep up the collective pressure on Putin.

“They agreed to stay in touch in the coming days.”

Earlier this week, Mr Trump announced a new 25% tariff on all imported cars – threatening UK producers’ largest single export market.

Signing an executive order on Wednesday, Mr Trump said the tax would kick in on 2 April – what he has called “liberation day”.

British manufacturers such as Jaguar Land Rover, Bentley, Aston Martin and Rolls-Royce stand to be worst affected by the tariffs.

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Trump ‘wants lasting peace in Ukraine’

But the government has signalled it would not retaliate – mirroring its response to the tariffs on steel and aluminium imposed globally by the Trump administration earlier this month.

Tariffs are a key part of Mr Trump’s efforts to reshape global trade relations.

He plans to impose what he calls “reciprocal” taxes on “liberation day” that would match tariffs and sales taxes levied by other nations. The extent of potential tariffs and countries affected remains unclear.

He has already placed a 20% tax on all imports from China.

He also placed 25% tariffs on Mexico and Canada, with a lower 10% tariff on Canadian energy products in addition to the duties on all steel and aluminium imports, including those from the UK.

The two leaders spoke last Sunday in a “brief call” about the economic prosperity deal, and again nearly three weeks ago ahead of the US-Ukraine talks in Saudi Arabia.

Mr Starmer and Mr Trump appeared to have a warm personal relationship when they met in the Oval Office last month.

But just a day later, the US president along with vice president JD Vance delivered a dressing down to Ukrainian president Volodymyr Zelenskyy – marking a major shift in the US approach to Ukraine and cementing Mr Starmer’s position as a bridge between Europe and the US in the peace talks.

Mr Starmer and Mr Trump also spoke twice before they met in person.

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‘Two-tier justice’ row: Government plans to change law to overrule Sentencing Council

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'Two-tier justice' row: Government plans to change law to overrule Sentencing Council

The government plans to change the law so it can overrule Sentencing Council guidelines following a row over “two-tier justice”, Sky News understands.

The independent Sentencing Council, which sets out sentencing guidance to courts in England and Wales, has been at odds with Justice Secretary Shabana Mahmood for weeks after it updated its guidance.

It said that from April, a pre-sentence report, the results of which are taken into account when considering a criminal’s sentence, will “usually be necessary” before handing out punishment for someone from an ethnic, cultural or faith minority, alongside other groups such as young adults aged 18 to 25, women and pregnant women.

Conservative shadow justice minister Robert Jenrick called the guidance “two-tier justice” and said there was “blatant bias” against Christians and straight white men, as he said it would make “a custodial sentence less likely for those from an ethnic minority, cultural minority, and/or faith minority community”.

Ms Mahmood had called on the Sentencing Council to reverse the guidance, but it refused, which Sir Keir Starmer said he was “disappointed” with, and the justice secretary called “unacceptable”.

British Prime Minister Keir Starmer attends a press conference at the UK Ambassador's Residence after a meeting with European leaders on strengthening support for Ukraine in Paris, France, March 27, 2025. REUTERS/Stephanie Lecocq/Pool
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Sir Keir Starmer said he was ‘disappointed’ the Sentencing Council will not reverse its guidelines. File pic: Reuters

Before the weekend, Sir Keir said “all options are on the table” over how the government might respond.

But sources have now told Sky News the Ministry of Justice plans to legislate at the “earliest opportunity” to be able to overrule sentencing guidelines.

Ministers could introduce the legislation as early as Monday so they can “push it through parliament”, so the current guidelines can be changed quickly.

Until the law is changed so the government can dismiss the Sentencing Council guidelines, the body can plough ahead with the changes as it is independent of the state.

Read more:
Sentencing Council rejects minister’s call for guidance rethink

What are pre-sentence reports and why the controversy?

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‘Blatant bias against straight, white men’

In reply to Ms Mahmood’s letter calling for a reversal, the Sentencing Council’s chair, Lord Justice William Davis, said on Friday that the reforms reflect evidence of disparities in sentencing outcomes, disadvantages faced within the criminal justice system and complexities in the circumstances of individual offenders.

He said pre-sentence reports allow judges to be “better equipped” to “avoid a difference in outcome based on ethnicity”.

“The cohort of ethnic, cultural and faith minority groups may be a cohort about which judges and magistrates are less well informed,” he added.

Sky News has contacted the Sentencing Council for a comment on the potential law changes.

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Trump’s trade war pressures crypto market as April 2 tariffs loom

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Trump’s trade war pressures crypto market as April 2 tariffs loom

Trump’s trade war pressures crypto market as April 2 tariffs loom

Concerns over a global trade war continue to pressure traditional and cryptocurrency markets as investors brace for a potential tariff announcement from US President Donald Trump on April 2 — a move that could set the tone for Bitcoin’s price trajectory throughout the month.

Trump first announced import tariffs on Chinese goods on Jan. 20, the day of his inauguration as president.

Global tariff fears have led to heightened inflation concerns, limiting appetite for risk assets among investors. Bitcoin (BTC) has fallen 18%, and the S&P 500 (SPX) index has fallen more than 7% in the two months following the initial tariff announcement, according to TradingView data, TradingView data shows.

“Going forward, April 2 is drawing increased attention as a potential flashpoint for fresh US tariff announcements,” Stella Zlatareva, dispatch editor at digital asset investment platform Nexo, told Cointelegraph.

Trump’s trade war pressures crypto market as April 2 tariffs loom

S&P 500, BTC/USD, 1-day chart. Source: TradingView 

Investor sentiment took another hit on March 29 after Trump pressed his senior advisers to take a more aggressive stance on import tariffs, which may be seen as a potential escalation of the trade war, the Washington Post reported, citing four unnamed sources familiar with the matter.

The April 2 announcement is expected to detail reciprocal trade tariffs targeting top US trading partners. The measures aim to reduce the country’s estimated $1.2 trillion goods trade deficit and boost domestic manufacturing.

Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur Hayes

Bitcoin ETFs, whales continue accumulating

Despite mounting uncertainty, large Bitcoin holders — known as “whales,” with between 1,000 BTC and 10,000 BTC — have continued to accumulate.

Addresses in this category have remained steady since the beginning of 2025, from 1,956 addresses on Jan. 1 to over 1,990 addresses on March 27 — still below the previous cycle’s peak of 2,370 addresses recorded in February 2024, Glassnode data shows.

Trump’s trade war pressures crypto market as April 2 tariffs loom

Whale address count. Source: Glassnode

“Risk appetite remains muted amid tariff threats from President Trump and ongoing macro uncertainty,” according to Iliya Kalchev, dispatch analyst at Nexo, who told Cointelegraph:

“Still, BTC accumulation by whales and a 10-day ETF inflow streak point to steady institutional demand. But hawkish surprises — from inflation or trade — may keep crypto rangebound into April.”

Related: $1T stablecoin supply could drive next crypto rally — CoinFund’s Pakman

The US spot Bitcoin exchange-traded funds halted their 10-day accumulation streak on March 28 when Fidelity’s ETF recorded over $93 million worth of outflows, while the other ETF issuers registered no inflows or outflows, Farside Investors data shows.

Trump’s trade war pressures crypto market as April 2 tariffs loom

Bitcoin ETF Flows. Source: Farside Investors

Despite short-term volatility concerns, analysts remained optimistic about Bitcoin’s price trajectory for late 2025, with price predictions ranging from $160,000 to above $180,000.

Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1

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