MicroStrategy Inc MSTR drove market conversations around a “Bitcoin treasury,” whereby companies allocate treasury funds to Bitcoin BTC/USD rather than traditional investments. Rumble Inc 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 GME and AMC Entertainment Holdings Inc 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.
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