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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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UK joins US in strike on Houthi target in Yemen for first time since Donald Trump re-elected

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UK joins US in strike on Houthi target in Yemen for first time since Donald Trump re-elected

The UK has joined US forces in attacking a Houthi target in Yemen for the first time since Donald Trump was re-elected.

The Ministry of Defence (MoD) confirmed the strikes took place on Tuesday as part of the government’s response to Houthi attacks on international shipping in the Red Sea and Gulf of Aden.

The ministry said careful intelligence analysis identified a cluster of buildings used by the Houthis to manufacture the sort of drones used to attack ships, located 15 miles south of the capital Sanaa.

RAF Typhoon FGR4s conducted strikes on several buildings using Paveway IV precision-guided bombs.

The planes had air refuelling support from Voyager tankers.

The ministry said the strike was conducted after dark to reduce the likelihood of civilians being in the area.

All the aircraft returned safely.

John Healey during the press conference.
Pic: Reuters
Image:
John Healey. Pic: Reuters

Defence Secretary John Healey said: “This government will always act in the interests of our national and economic security.

“Royal Air Force Typhoons have successfully conducted strikes against a Houthi military target in Yemen and all UK aircraft and personnel have returned safely to base.

“We conducted these strikes, supported by the US, to degrade Houthi capabilities and prevent further attacks against UK and international shipping.”

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Houthis a ‘persistent threat’ to ‘freedom of navigation’

Mr Healey said Houthi activities in the Red Sea are a “persistent threat” to “freedom of navigation”.

“A 55% drop in shipping through the Red Sea has already cost billions, fuelling regional instability and risking economic security for families in the UK,” he said.

“The government is steadfast in our commitment to reinforcing global stability and protecting British working people. I am proud of the dedication and professionalism shown by the service men and women involved in this operation.”

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US intensifies strikes on Houthis

It was the first time UK forces have struck a target in Yemen since May last year, the ministry confirmed.

The US has intensified its strikes on the Iran-backed Houthis under Mr Trump’s presidency, after his re-election in November 2024.

The group began launching attacks on shipping routes in November 2023 saying they were in solidarity with Palestinians over Israel’s war with Hamas in Gaza.

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Houthi rebels allege US airstrike hit prison

The strike came after a Houthi-controlled TV channel claimed a US strike killed 68 people at a detention centre for African migrants in Yemen on Monday.

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Labour promised MPs a vote on Trump trade deal – now Starmer doesn’t seem so sure

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Labour promised MPs a vote on Trump trade deal - now Starmer doesn't seem so sure

Will MPs get a vote on a trade deal with Donald Trump?

It used to be Labour policy, though Sir Keir Starmer didn’t sound keen on the idea at Prime Minister’s Questions.

The PM was challenged, first by Lib Dem MP Clive Jones, who wants a guarantee that parliament has the final say on any trade deal, including one with the US.

“This idea is not new,” said Clive, who used to be a director of various toy companies, and was president, chairman and director of the British Toy and Hobby Association, no less.

“It’s exactly what Labour promised to do in an official policy paper put forward in 2021, so I am asking this government to keep their promise,” he continued.

And, toying with the PM, he complained: “Currently, members of parliament have no vote or voice on trade deals.”

In reply, Sir Keir gave one of those non-answers we’re becoming used to at PMQs, saying rather tetchily: “As he knows, parliament has a well-established role in scrutinising and ratifying trade deals.”

More on Keir Starmer

Later, Sir Ed Davey had a go. “Will the government give MPs a vote on the floor of the House on any deal he agrees with President Trump? Yes or no?” he asked.

He fared no better. Sir Keir said again: “If it is secured, it will go through the known procedures for this House.”

Read more on the trade deal:
US ‘positive’ on talks

Deal ‘possible’ but not ‘certain’

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Chancellor’s trade deal red lines explained

So what are parliament’s “well-established role” and “the known procedures”? And what exactly did Labour promise in opposition back in 2021?

The 2021 promise was, in fact, one of those worthy pledges parties make in opposition and then either conveniently forget about or water down when they’re in government. U-turn if you want to.

The policy paper referred to by Mr Jones was: “Labour’s trade policy: putting workers first” – published in September 2021 by Emily Thornberry when she was shadow international trade secretary.

The secretary of state at the time was none other than Liz Truss. Whatever happened to her? Come to think of it, whatever happened to Emily Thornberry?

Back then idealistic Emily declared in her policy paper: “We will reform the parliamentary scrutiny of trade agreements…

“So that MPs have a guaranteed right to debate the proposed negotiating objectives for future trade deals, and a guaranteed vote on the resulting agreements…”

A guaranteed vote. Couldn’t be clearer. And there was more from Emily.

“…with sufficient time set aside for detailed scrutiny both of the draft treaty texts and of accompanying expert analysis on the full range of implications, including for workers’ rights.”

Sufficient time for detailed scrutiny. Again, couldn’t be clearer.

Pic: PA
Image:
Starmer was pushed on the deal at PMQs. Pic: PA

Then came a section headed: Parliamentary Scrutiny of Trade Deals.

“The Constitutional Reform and Governance Act 2010 (CRAG) dictates that international treaties (including trade agreements) must be laid before parliament for a period of 21 sitting days before they can become law,” we were told back then.

“At present, a treaty can only be challenged and (temporarily) rejected by means of an opposition day debate, if one is granted by the government within that time.

“The CRAG legislation was agreed by parliament before Brexit was on the horizon. Its procedures for the ratification of trade treaties, which were then negotiated and agreed at EU level, were given no consideration during the passage of the Act, and no one envisaged that they would become the mechanism for parliamentary scrutiny of the government’s post-Brexit trade deals…

“Despite the flagrant evidence of the inadequacy of the CRAG Act to allow proper oversight of trade deals, the government repeatedly blocked numerous cross-party proposals to improve the processes for parliamentary scrutiny and approval during passage of the 2021 Trade Act.

“A future Labour government will return to those proposals, and learn from best practice in other legislatures, to ensure that elected MPs have all the time, information and opportunity they need to debate and vote on the UK’s trade deals, both before negotiations begin and after they conclude.”

So what’s changed from the heady days of Liz Truss as trade secretary and Labour’s bold pledges in opposition? Labour’s in government now, that’s what. Hence the U-turn, it seems.

Parliament’s role may be, as Sir Keir told MPs, “well-established”. But that, according to opponents, is the problem. It’s contrary to what Labour promised in opposition.

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Sir Ed hit back at the PM: “I’m very disappointed in that reply. There was no ‘yes’ or ‘no’ response. We do want a vote, and we will keep pressing him and his government on that.”

And true to their word, Mr Jones and another Lib Dem MP, Richard Foord, have already tabled private member’s bills demanding a final say on any trade deal with President Trump.

Watch this space. And also watch out for Labour MPs also backing demands for a Commons vote on a Trump trade deal before long.

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UK-US trade talks ‘moving in a very positive way’, says White House spokesperson Karoline Leavitt

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UK-US trade talks 'moving in a very positive way', says White House spokesperson Karoline Leavitt

Trade talks between the UK and the United States are “moving in a very positive way”, according to the White House.

President Donald Trump’s press secretary Karoline Leavitt spoke about the likelihood of the long-discussed agreement during a press briefing.

In Westminster, there are hopes such a deal could soften the impact of the Trump tariffs announced last month.

Leavitt told reporters: “As for the trade talks, I understand they are moving in a very positive way with the UK.

“I don’t want to get ahead of the president or our trade team in how those negotiations are going, but I have heard they have been very positive and productive with the UK.”

She said Mr Trump always “speaks incredibly highly” of the UK.

“He has a good relationship with your prime minister, though they disagree on domestic policy issues,” she added.

More on Trade

“I have witnessed the camaraderie between them first hand in the Oval Office, and there is a deep mutual respect between our two countries that certainly the president upholds.”

White House Press Secretary Karoline Leavitt speaks during a press briefing at the White House April 28, 2025. (Francis Chung/POLITICO via AP Images)
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White House Press Secretary Karoline Leavitt said she was positive about a deal. Pic: AP

Chancellor of the Duchy of Lancaster Pat McFadden gave the UK’s position on the talks when speaking to Sunday Morning With Trevor Phillips.

He said there was “a serious level of engagement going on at high levels” to secure a UK-US trade deal.

Mr McFadden is one of the most powerful members of Sir Keir Starmer’s government and a key ally of the prime minister.

Read more:
Deal ‘possible’ but not certain
Chancellor lays out redlines for deal

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You asked, we listened, the Trump 100 podcast is continuing every weekday at 6am

He was careful to not get ahead of developments, however, saying: “I think an agreement is possible – I don’t think it’s certain, and I don’t want to say it’s certain, but I think it’s possible.”

He went on to say the government wanted an “agreement in the UK’s interests” and not a “hasty deal”, amid fears from critics that Number 10 could acquiesce a deal that lowers food standards, for example, or changes certain taxes in a bid to persuade Donald Trump to lower some of the tariffs that have been placed on British goods.

Mr McFadden’s tone was more cautious than Chancellor Rachel Reeves’ last week.

She had been in the US and, speaking to Sky News business and economics correspondent Gurpreet Narwan, the chancellor said she was “confident” a deal could be done.

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‘We’re confident’, says Reeves

But she sought to play down fears that UK standards could be watered down, both on food and online safety.

“On food standards, we’ve always been really clear that we’re not going to be watering down standards in the UK and similarly, we’ve just passed the Online Safety Act and the safety, particularly of our children, is non-negotiable for the British government,” Ms Reeves said.

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