GameStop purchases more than $500 million in bitcoin in first crypto push
GameStop on Wednesday announced it has bought 4,710 bitcoin, worth over $500 million, as the video game retailer makes its first major foray into cryptocurrency.
GameStop's stock price jumped 92 cents, or 2.6%, to $35.97 before the start of trade Wednesday. The shares, dubbed a "meme stock" in recent years as retail investors piled into the company despite its lack of profits, has surged more than 84% over the last 12 months.
—This is a developing story and will be updated.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
4 Reasons to Buy Bitcoin Before 2028
Bitcoin's price could rally higher ahead of its next halving in 2028. Declining interest rates and a weak dollar could support its growth. More institutional investors could view the cryptocurrency as a safe-haven asset. 10 stocks we like better than Bitcoin › Bitcoin's (CRYPTO: BTC) price has risen nearly 240% over the past three years, even as rising rates and the implosions of several big tokens and exchanges chilled the crypto market. Bitcoin survived that sell-off, which wiped out many of the smaller altcoins and meme coins, and it emerged as the safest "blue chip" cryptocurrency to invest in. In 2024, Bitcoin's first spot price ETFs were approved, and its latest "halving" reduced its mining rewards. President Trump's victory in November also drove many investors back toward Bitcoin, since his administration adopted more crypto-friendly policies than the Biden administration. President Trump also ordered the establishment of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile this March, while declining interest rates generated additional tailwinds for the broader crypto market. As Bitcoin hovers above $100,000 and trades just a few dollars below its record high, investors might be wondering if it's time to finally take profits. However, some big institutions and investors expect its price to surge even higher over the next three years. By 2028, Standard Chartered claims its price could soar to $500,000 as its volatility decreases and its ETFs lock in more investors, while Maelstrom's Arthur Hayes expects its price to surge to $1 million as the devaluation of the U.S. dollar drives investors toward more alternative assets. We should take those bullish estimates with a grain of salt, but I personally think it could be wise to buy Bitcoin before 2028 for four simple reasons. Bitcoin underwent four halvings in 2012, 2016, 2020, and 2024. Each time those rewards were cut in half, it became increasingly difficult to mine Bitcoin for a profit. Back in 2012, traditional desktop GPUs could still be used to mine Bitcoin. But today, miners need to use powerful application-specific integrated circuits (ASICs) instead of GPUs. Before its first halving, Bitcoin had a block reward of 50 tokens for each block they created. But after its four halvings, that "block reward cut" dropped to just 3.125 Bitcoins. The rising difficulty of mining Bitcoin will tighten its supply and slow down its production as it inches toward its maximum supply of 21 million Bitcoins. Approximately 19.7 million of those coins have already been mined, and the last one is expected to be mined in 2140. Bitcoin was trading at $63,800 right before its latest halving on April 19, 2024. It's risen nearly 70% since then, so it might be smart to load up on Bitcoin before its next four-year halving -- which is expected to occur in March or April 2028 and cut its block reward to just 1.5625 Bitcoins. Bitcoin's price slumped in 2022 and 2023 as rising rates drove investors away from cryptocurrencies and other speculative plays. But in 2024, its price stabilized and rose again as the Federal Reserve cut its benchmark rates three times. The Fed hasn't cut its interest rates again in 2025, but it's still expected to execute at least two rate cuts this year. As interest rates decline, Bitcoin's price should rise as more investors pivot back toward the crypto market. Declining interest rates should also weaken the U.S. dollar -- and that trend could cause more investors to stock up on Bitcoin, gold, and other "safe-haven" assets. Only two countries, El Salvador and Central African Republic, have adopted Bitcoin as a national currency so far. However, other nations facing severe inflation, currency devaluation issues, sanctions, and debt problems could follow their lead. If that happens, Bitcoin could gain more momentum as a global alternative to fiat currencies. Most institutional investors with exposure to Bitcoin only allocate low-single-digit percentages of their portfolios to the cryptocurrency. But that could shift over the next few years as traditional investment firms like Fidelity, Schwab, and BlackRock add more support for Bitcoin across the retail brokerages and retirement accounts. Assuming those institutional investors start allocating more than 5% of their portfolios to Bitcoin, its price could skyrocket and ignite another "fear of missing out" (FOMO) buying frenzy. If that happens, the market's leading Bitcoin ETFs should attract more institutional investors who don't want to deal with the risks of directly holding the cryptocurrency in a digital wallet. Other countries -- including the U.K., Australia, and major Asian markets -- could also approve their own spot price ETFs for Bitcoin. Bitcoin will remain volatile for the foreseeable future, and I'm not certain it can hit $500,000 or $1 million by 2028. But it should attract more attention from before its next halving, and there's still plenty of room for institutional investors to accumulate more Bitcoin. So if you can stomach its wild swings, it's still a great time to buy more Bitcoin. Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $660,341!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $874,192!* Now, it's worth noting Stock Advisor's total average return is 999% — a market-crushing outperformance compared to 173% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Charles Schwab is an advertising partner of Motley Fool Money. Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends Charles Schwab and Standard Chartered Plc and recommends the following options: short June 2025 $85 calls on Charles Schwab. The Motley Fool has a disclosure policy. 4 Reasons to Buy Bitcoin Before 2028 was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
19 minutes ago
- Forbes
High-Yield Savings Account Rates Today: June 11, 2025
Rates on savings accounts are the same compared to one week ago. You can now earn up to 5.84% on your savings. Searching for an account where you can save for a rainy day or retirement? Here's a look at some of the best savings rates you can find today. Related: Find the Best High-Yield Savings Accounts Of 2025 Traditional savings accounts, called "statement savings accounts" in the banking world, have been notorious for paying paltry interest in past years, especially after the Great Recession. That's changed more recently, and you can find rates 10-times higher than those offered by traditional financial institutions if you opt for an online bank or a credit union. The highest yield on a standard savings account with a $2,500 minimum deposit amount within the last week has been 5.84%, according to data from Curinos. If you spot a basic savings account with a comparable rate, you've done well for yourself. Today's average APY for a traditional savings account is 0.22%, Curinos says. APY, or annual percentage yield, reflects the actual return your account will earn in a year. It includes compound interest, which is interest that builds on the interest already in your account. High-yield savings accounts generally pay considerably more interest than conventional savings accounts. But the thing to know is you may have to jump through some hoops to earn that higher rate, such as becoming a member of a credit union or putting down a large deposit. On high-yield accounts requiring a minimum deposit of $10,000, today's best interest rate is 4.88%. That's about the same as last week. The average APY for those accounts is now 0.23% APY, unchanged from a week ago. On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate available today is 3.94%. You'll be in good shape if you can find an account offering a rate close to that. The current average is 0.24% APY for a high-yield account with a $25,000 minimum deposit. Interest rates on savings accounts typically fluctuate in response to other rate changes throughout the economy. Savings rates are primarily influenced by the Federal Reserve's rate moves, and the central bank has finally begun reducing its benchmark federal funds rate as inflation has fallen closer to the Fed's 2% goal. Financial institutions usually adjust borrowing and savings rates soon after the Fed changes rates. The Fed votes to adjust rates eight times per year during meetings of the Federal Open Market Committee (FOMC). Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts—such as relationship-based accounts and accounts designed for youths, seniors and students—are not considered in the calculation. The best high-yield savings account pays 5.84% now, according to Curinos data, so you'll want to aim for an account that delivers a yield in that ballpark. But rates aren't everything. You want an account that charges few fees, offers great customer service and has a track record of being a stable institution. Savings yields are variable and can change depending on economic conditions or a bank's particular financial need. Usually rates are influenced by the federal funds rate, meaning that a bank tends to raise or lower its rates along with the Fed. Online banks and credit unions tend to offer the best yields because they can pass along savings from low overhead while also striving to attract new customers.
Bloomberg
25 minutes ago
- Bloomberg
UniCredit's Orcel Rules Out Commerzbank Bid at Current Price
UniCredit SpA Chief Executive Officer Andrea Orcel effectively ruled out making an offer for Commerzbank AG at the current price, saying such a move wouldn't add value after a rally in the stock. 'We are far away' from a takeover offer, Orcel said in an interview with CNBC on Wednesday. 'Secondly, in our opinion, the share price has gone well beyond the fundamentals.'
