Connect with us

Published

on

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

Continue Reading

Politics

Reform deputy attacks govt for ‘protecting rights’ of illegal migrants – and fires back at Archbishop of York

Published

on

By

Reform deputy attacks govt for 'protecting rights' of illegal migrants - and fires back at Archbishop of York

Reform UK has hit back at both the Archbishop of York and the government following criticism of its immigration policies.

Leader Nigel Farage announced the party’s flagship immigration plan during a flashy news conference held at an aircraft hangar in Oxford on Tuesday.

The party pledged to deport anybody who comes to the UK illegally, regardless of whether they might come to harm, and said it would pay countries with questionable human rights records – such as Afghanistan – to take people back.

Politics latest – follow live updates

It also said it would leave numerous international agreements, and revoke the Human Rights Act, in order to do this.

The policy was criticised by the Conservatives, who said Mr Farage was “copying our homework”, while parties such as the Liberal Democrats and the Greens condemned it.

More on Migrant Crossings

Archbishop Stephen Cottrell and Richard Tice MP. Pics: PA
Image:
Archbishop Stephen Cottrell and Richard Tice MP. Pics: PA

But the plan came under fire from an altogether different angle on Saturday, when the Archbishop of York accused it of being an “isolationist, short-term kneejerk” approach, with no “long-term solutions”.

Stephen Cottrell, who is the acting head of the Church of England, told Sunday Morning With Trevor Phillips that he had “every sympathy” with those who find the issue of immigration tricky. But he said Reform UK’s plan does “nothing to address the issue of what brings people to this country”, and would in fact, make “the problem worse”.

Please use Chrome browser for a more accessible video player

In full: Richard Tice on Sunday Morning With Trevor Phillips

Speaking on the same programme, Richard Tice, Reform’s deputy leader, responded to the archbishop’s criticisms, saying that “all of it is wrong”.

The MP for Boston and Skegness said he was a Christian who “enjoys” the church – but that the “role of the archbishop is not actually to interfere with international migration policies”.

Mr Tice then turned his fire on the government, accusing ministers of being “more interested in protecting the rights of people who’ve come here illegally… than looking after the rights of British citizens”.

He accused ministers of having “abandoned” their duty of “looking after the interests of British citizens”.

Mr Tice reaffirmed his party’s policy that the UK should leave the European Convention on Human Rights (ECHR), calling it a “70-year-old, out-of-date, unfit-for-purpose agreement”.

The Reform UK deputy leader also:

• Defended plans to pay the Taliban to take migrants back, comparing it to doing business deals with “people you don’t like”

• Said the Royal Navy should be deployed in the English Channel as a “deterrent”, but added: “We’re not saying sink the boats”

• Urged the government to call an early general election

Please use Chrome browser for a more accessible video player

Farage ‘wants to provoke anger’

Meanwhile, Bridget Phillipson, the education secretary, told Sky News that Reform “want to provoke anger, but they don’t actually want to solve the problems that we face in front of us”.

She told Sunday Morning With Trevor Phillips the UK had a “proud tradition [of] supporting those facing persecution”.

But she added: “We will make sure that people who have no right to be in this country are removed from this country. That’s right. It’s what people expect. It’s what this government will deliver.”

Ms Phillipson also insisted there “needs to be reform of the ECHR” and said the home secretary is “looking at the article eight provisions”, which cover the right to a private and family life, to see “whether they need updating and reforming for the modern age”.

👉 Listen to Sky News Daily on your podcast app 👈

However, she refused to say what the government would do if it is found that the ECHR is unreformable. Instead, she defended Labour’s position of staying in the governance of the convention, saying that honouring the “rule of law” is important.

She added: “Our standing in the world matters if we want to strike trade deals with countries. We need to be a country that’s taken seriously. We need to be a country that honours our obligations and honours the rule of law.”

Please use Chrome browser for a more accessible video player

Sunday Morning With Trevor Phillips

Please use Chrome browser for a more accessible video player

Asylum seekers to remain at Bell Hotel

Ms Phillipson was also drawn on the recent court ruling in favour of the Home Office, which overturned an injunction banning The Bell Hotel in Epping from housing asylum seekers.

Challenged on whether the government is prioritising the rights of asylum seekers over British citizens, she said it “is about a balance of rights”.

The cabinet minister also repeated the government’s plans to end the use of hotels to house asylum seekers by 2029.

Please use Chrome browser for a more accessible video player

‘We should have overruled law’

Shadow Cabinet Office minister Alex Burghart said the Conservatives would be willing to leave the ECHR – if this route is recommended to them.

The Tories have asked a senior judge to look into the “legal intricacies” of leaving the convention, which he said is “not straightforward”. He said when the party receives that report, it will then make a decision.

Challenged on whether the Tories will leave if that is what the report recommends, he added: “If that’s what’s necessary, we will do it.”

Mr Burghart also said he believed the previous Conservative government’s biggest mistake was that “we did not go far enough on overruling human rights legislation”, which prevented it from “taking the tough action that was absolutely necessary”.

But he added the Conservatives have now “put forward very clear legislation that would solve this problem” – though he concluded Labour “isn’t going to do it” so the problem “is going to get worse”.

Continue Reading

Politics

Archbishop of York Stephen Cottrell tells Nigel Farage ‘kneejerk’ migrant deportation plan won’t solve problem

Published

on

By

Archbishop of York Stephen Cottrell tells Nigel Farage 'kneejerk' migrant deportation plan won't solve problem

The Archbishop of York has told Sky News the UK should resist Reform’s “kneejerk” plan for the mass deportation of migrants, telling Nigel Farage he is not offering any “long-term solution”.

Stephen Cottrell said in an interview with Trevor Phillips he has “every sympathy” with people who are concerned about asylum seekers coming to the country illegally.

But he criticised the plan announced by Reform on Tuesday to deport 600,000 people, which would be enabled by striking deals with the Taliban and Iran, saying it will not “solve the problem”.

Mr Cottrell is currently acting head of the Church of England while a new Archbishop of Canterbury is chosen.

Pic: Jacob King/PA Wire
Image:
Pic: Jacob King/PA Wire

The Archbishop of York, Stephen Cottrell in 2020.
File pic: PA
Image:
The Archbishop of York, Stephen Cottrell in 2020.
File pic: PA

Phillips asked him: “What’s your response to the people who are saying the policy should be ‘you land here, unlawfully, you get locked up and you get deported straight away. No ifs, no buts’?”

Mr Cottrell said he would tell them “you haven’t solved the problem”, adding: “You’ve just put it somewhere else and you’ve done nothing to address the issue of what brings people to this country.

More on Migrant Crisis

“And so if you think that’s the answer, you will discover in due course that all you have done is made the problem worse.

“Don’t misunderstand me, I have every sympathy with those who find this difficult, every sympathy – as I do with those living in poverty.

“But… we should actively resist the kind of isolationist, short term kneejerk ‘send them home’.”

Please use Chrome browser for a more accessible video player

What do public make of Reform’s plans?

Nigel Farage at the launch of Reform UK's plan to deport asylum seekers. Pic: PA
Image:
Nigel Farage at the launch of Reform UK’s plan to deport asylum seekers. Pic: PA

Asked if that was his message to the Reform leader, he said: “Well, it is. I mean, Mr Farage is saying the things he’s saying, but he is not offering any long-term solution to the big issues which are convulsing our world, which lead to this. And, I see no other way.”

You can watch the full interview on Sunday Morning with Trevor Phillips on Sky News from 8.30am

Mr Farage, the MP for Clacton, was asked at a news conference this week what he would say if Christian leaders opposed his plan.

“Whoever the Christian leaders are at any given point in time, I think over the last decades, quite a few of them have been rather out of touch, perhaps with their own flock,” he said.

“We believe that what we’re offering is right and proper, and we believe for a political party that was founded around the slogan of family, community, country that we are doing right by all of those things, with these plans we put forward today.”

Sky News has approached Mr Farage for comment.

Farage won’t be greeting this as good news of the gospel – nor will govt ministers

When Tony Blair’s spin doctor Alastair Campbell told journalists that “We don’t do God”, many took it as a statement of ideology.

In fact it was the caution of a canny operator who knows that the most dangerous opponent in politics is a religious leader licensed to challenge your very morality.

Stephen Cottrell, the Archbishop of York, currently the effective head of the worldwide Anglican communion, could not have been clearer in his denunciation of what he calls the Reform party’s “isolationist, short term, kneejerk ‘send them home'” approach to asylum and immigration.

I sense that having ruled himself out of the race for next Archbishop of Canterbury, Reverend Cottrell feels free to preach a liberal doctrine.

Unusually, in our interview he pinpoints a political leader as, in effect, failing to demonstrate Christian charity.

Nigel Farage, who describes himself as a practising Christian, won’t be greeting this as the good news of the gospel.

But government ministers will also be feeling nervous.

Battered for allowing record numbers of cross- Channel migrants, and facing legal battles on asylum hotels that may go all the way to the Supreme Court, Labour has tried to head off the Reform challenge with tougher language on border control.

The last thing the prime minister needs right now is to make an enemy of the Almighty – or at least of his representatives on Earth.

Continue Reading

Politics

Supreme Court opened crypto wallets to surveillance; privacy must go onchain

Published

on

By

Supreme Court opened crypto wallets to surveillance; privacy must go onchain

Supreme Court opened crypto wallets to surveillance; privacy must go onchain

Crypto transactions are vulnerable to warrant-free surveillance, making privacy-enhancing tools essential for blockchain’s future.

Continue Reading

Trending