Latest news with #GameStop
Globe and Mail
2 hours ago
- Business
- Globe and Mail
Meta, Amazon and Microsoft Shareholders All Overwhelmingly Reject Strategic Bitcoin Reserve
In the latest blow to Bitcoin maximalists, Meta Platforms (META) shareholders have delivered a decisive rebuke to the idea of adding Bitcoin (BTCUSD) to the company's treasury, with more than 99% voting against a proposal to even assess such a move. This landslide rejection stands in stark contrast to the high-profile strategies of firms like MicroStrategy (MSTR), Trump Media (DJT), and GameStop (GME), and raises critical questions about the prevailing narrative that U.S. corporations are eager to adopt Bitcoin as a reserve asset. Meta's Bitcoin Proposal: The Details and the Vote At Meta's 2025 annual shareholder meeting, a resolution was introduced by Ethan Peck of the National Center for Public Policy Research, urging the company to consider converting part of its $72 billion cash pile into Bitcoin. Proponents argued that Bitcoin's fixed supply and outperformance of bonds in recent years made it a superior long-term store of value, especially amid concerns about inflation and declining bond yields. Despite vocal support from some Bitcoin advocates — including public lobbying from Strive Asset Management CEO Matt Cole at the Bitcoin 2025 conference — the proposal received less than 0.1% support, with 4.98 billion shares voted against and just 3.9 million in favor. The initiative was a very deep last among 14 proposals on Meta's ballot, and the board had already recommended against it, citing robust existing treasury management practices and no compelling reason to consider Bitcoin at this time. MicroStrategy's Outlier Approach The result at Meta highlights just how much of an outlier MicroStrategy remains in the corporate world. Led by Michael Saylor, MicroStrategy has aggressively accumulated Bitcoin as a primary treasury asset, often touting it as a superior alternative to cash and bonds. This approach has attracted significant media attention and inspired a narrative that other major corporations might soon follow suit. Don't Miss: Think it's too late to invest in the booming AI sector? This one's still under the radar How This Startup is Disrupting the $4.83 Trillion Wealth Engine That's Been Hidden From Everyday Investors for Over 93 Years However, the Meta vote — and similar rejections at Microsoft (MSFT) and Amazon (AMZN) — suggests that such a strategy is far from mainstream among large U.S. blue-chip companies. While MicroStrategy's Bitcoin-centric approach has been profitable and headline-grabbing, it is not representative of broader corporate sentiment. Why the Pushback? Several factors help explain why Meta's shareholders and board were so firmly opposed: Volatility and Risk: Bitcoin remains highly volatile compared to traditional treasury assets. For companies with massive cash reserves and global operations, this unpredictability is a major deterrent. Regulatory Uncertainty: The lack of clear, consistent regulation around digital assets adds another layer of risk for public companies. While it has improved in 2025, uncertainty still remains. Core Business Focus: Shareholders and boards of major tech firms like Meta prioritize stability and predictability, especially in a rapidly evolving industry. Diverting attention and resources to speculative assets is seen as a distraction from core business objectives. Shareholder Conservatism: The overwhelming vote against the proposal reflects a broader preference among institutional investors for traditional, proven treasury management practices. The Bigger Picture: Bitcoin Treasuries Remain the Exception, Not the Rule Meta's resounding rejection means that, despite the vocal advocacy from some corners of the crypto world, the idea of widespread corporate Bitcoin treasuries is more hype than reality. The narrative that U.S. tech giants are on the verge of following MicroStrategy's lead is not supported by shareholder sentiment or boardroom decision-making at the largest firms. While some companies may continue to experiment at the margins, the overwhelming trend among major corporations is to stick with conservative, traditional treasury strategies—at least until regulatory clarity improves and digital assets demonstrate a more stable risk profile. Conclusion Meta's shareholder vote is a clear signal: for now, the world's largest corporations are not rushing to adopt Bitcoin as a core treasury asset. The MicroStrategy playbook remains an outlier, and the narrative of a corporate Bitcoin gold rush is, at best, premature. Instead, blue-chip companies are prioritizing stability, regulatory compliance, and their core business missions over speculative crypto bets.
Yahoo
6 hours ago
- Business
- Yahoo
Check your Nintendo Switch 2 pre-order ASAP, as some retailers are reportedly cancelling them
When you buy through links on our articles, Future and its syndication partners may earn a commission. Some US retailers have reportedly cancelled Nintendo Switch 2 pre-orders This allegedly includes Walmart, Target, and GameStop Consider double checking the status of your pre-order if you have placed one If you managed to secure a Nintendo Switch 2 pre-order recently, then you might want to check your email inbox as it seems as though some retailers have started cancelling them. As reported by Vice, would-be Nintendo Switch 2 owners have been flooding the r/switch subreddit to complain that their pre-orders of the upcoming Nintendo console have been inexplicably cancelled. The majority of those reporting cancellations seem to have shopped at Walmart. "We're sorry, we had to cancel these items," reads a message in the Walmart app on one posted screenshot. In these instances there seems to be no real explanation as to why the Nintendo Switch 2 pre-order was cancelled, though I suspect that it may be due to stock issues. Some retailers likely banked on having access to much more stock than they do, leading to the need to cancel certain pre-orders. In the comments to these posts, others are reporting cancellations from Target and GameStop. Bear in mind that these cancellations are currently unverified, though it definitely wouldn't hurt to double check your order just in case. If you're unlucky enough to be affected, visit our how to pre-order the Nintendo Switch 2 guide for recommendations on how to get your hands on one. The Nintendo Switch 2 is set to launch on June 5 and demand is likely to be high. According to industry analysts, it could sell 100 million units by the end of 2029 and become the "fast-selling console ever". It costs $449.99 / £395.99 or $499.99 / £429.99 for a bundle that includes a digital copy of Mario Kart World. It seems Hellblade 2 is finally getting a physical release to coincide with the PS5 launch this summer if this listing is correct The Nintendo Switch 2 has been spotted at retailers ahead of its June release - but the reported stock numbers aren't huge Yes, you can use a USB mouse on Nintendo Switch 2, as demonstrated by a Koei Tecmo producer
CNBC
6 hours ago
- Business
- CNBC
Saylor's bitcoin buying strategy is 'exploding' globally, but Wall Street is skeptical
LAS VEGAS — The bitcoin treasury play that lifted Strategy's market cap past $80 billion is now being mimicked by meme stock companies, media firms, and multinational conglomerates. But Wall Street isn't buying all the hype. This week, Trump Media announced plans to raise $2.5 billion to buy bitcoin, and GameStop revealed a $500 million allocation. Meanwhile, Tether, SoftBank, and Strike's Jack Mallers unveiled Twenty One, a bitcoin-native public company expected to launch with more than 42,000 bitcoin on its balance sheet, enough to make it the third-largest corporate holder of the asset globally. For now, the market doesn't see the next Strategy in any of them. Trump Media shares have dropped more than 20% since the announcement, while GameStop is down nearly 17%. Strategy, formerly known as MicroStrategy, has multiplied by 26 times since the end of 2022, amassing a bitcoin stake worth over $60 billion. "Maybe the market wanted them to buy more bitcoin," said Strategy Chairman Michael Saylor in an interview at Bitcoin 2025 in Las Vegas. "But these are short-term dynamics. Over the long term, bitcoin on the balance sheet has proven to be extraordinarily popular." Saylor called Trump Media's move "courageous, aggressive, and intelligent" — and said the flood of similar announcements marks a global shift in corporate finance. "Everywhere I go at this conference, someone says, you know, I'm working on a bitcoin treasury company in Hong Kong. I'm doing this thing in Korea. I've got this thing I'm working on in Abu Dhabi. We're going to do this in the Middle East, you know, we've got this in the U.K.," he said. "There's an explosion of interest right now." Saylor said bitcoin ambassadors are "planting the orange flag everywhere on earth." What began as a fringe financial maneuver is quickly becoming a geopolitical race. Under the Biden administration, corporate bitcoin adoption was often treated as a regulatory red flag. But under President Donald Trump, the tone has changed. In March, Trump signed an executive order establishing a U.S. Strategic Bitcoin Reserve, instructing federal agencies to treat bitcoin as a long-term store of value. The reserve will be funded entirely through bitcoin seized in criminal and civil forfeiture cases, according to White House Crypto and AI Czar David Sacks. The order also empowers the government to explore additional budget-neutral mechanisms for acquiring more bitcoin. For the first time, the federal government will conduct a full audit of its digital asset holdings, currently estimated at more than 200,000 bitcoin. The order explicitly prohibits the sale of any bitcoin from the reserve, cementing its role as a permanent sovereign asset. Vice President JD Vance this week became the first sitting vice president to address the bitcoin community directly, framing crypto as a hedge against inflation, censorship, and "unelected bureaucrats." And in a further move to boost bitcoin, the Department of Labor rolled back guidance that had discouraged bitcoin investments in retirement plans. "No force on Earth can stop an idea whose time has come," Saylor said. "Bitcoin is digital capital and maybe the most explosive idea of the era." Some corners of the corporate world are still resistant. Late last year, Microsoft shareholders rejected a proposal to use some of the software company's massive cash pile to follow Saylor's lead. In a video presentation supporting the effort, Saylor told investors that "Microsoft can't afford to miss the next technology wave." While Strategy has reaped the rewards of early adoption, Saylor suggested the market's cooler reaction to Trump Media and GameStop may stem more from structural financing dynamics than from skepticism toward bitcoin itself. He pointed to GameStop's initial announcement that it was considering a bitcoin strategy, which led to a 50% pop in the stock and tenfold increase in trading volume. The company quickly capitalized on the momentum with a $1.5 billion convertible bond raise — a move he described as "extraordinarily successful." Trump Media took a similar approach, raising capital through a large convertible bond offering. Saylor said those financing methods can create short-term downward pressure, but that over time investors will benefit. When it comes to Strategy, Saylor said there's no ceiling to his bitcoin accumulation plans. His company is already by far the largest corporate holder of the cryptocurrency. "We'll keep buying bitcoin," he told CNBC. "We expect the price of bitcoin will keep going up. We think it will get exponentially harder to buy bitcoin, but we will work exponentially more efficiently to buy bitcoin." For critics who worry that state and media actors embracing bitcoin will undermine its decentralized ideals, Saylor argues the opposite. "The network is very anti-fragile, and there's a balance of power here," he said. "The more actors that come into the ecosystem, the more diverse, the more distributed the protocol is, the more incorruptible it becomes, the more robust it becomes, and so that means the more trustworthy it becomes to larger economic actors who otherwise would be afraid to put all of their economic weight on the network."
Yahoo
18 hours ago
- Business
- Yahoo
GameStop (GME) Advances While Market Declines: Some Information for Investors
In the latest trading session, GameStop (GME) closed at $29.80, marking a +0.78% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.01%. On the other hand, the Dow registered a gain of 0.13%, and the technology-centric Nasdaq decreased by 0.32%. Coming into today, shares of the video game retailer had gained 7.8% in the past month. In that same time, the Consumer Discretionary sector gained 7.31%, while the S&P 500 gained 6.43%. Investors will be eagerly watching for the performance of GameStop in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on June 10, 2025. It is anticipated that the company will report an EPS of $0.08, marking a 166.67% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $750 million, indicating a 14.95% downward movement from the same quarter last year. For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.47 per share and a revenue of $3.4 billion, signifying shifts of +42.42% and -11.06%, respectively, from the last year. Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for GameStop. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability. Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system. The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Currently, GameStop is carrying a Zacks Rank of #3 (Hold). Digging into valuation, GameStop currently has a Forward P/E ratio of 62.92. Its industry sports an average Forward P/E of 19.17, so one might conclude that GameStop is trading at a premium comparatively. The Gaming industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 90, putting it in the top 37% of all 250+ industries. The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. You can find more information on all of these metrics, and much more, on Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GameStop Corp. (GME) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
21 hours ago
- Business
- Yahoo
9 Switch Games You Can Grab For Cheap This Memorial Day
Memorial Day weekend invites important questions like what to marinate the kebobs in, whether it's warm enough to put the pool up or not, and which new game you should buy while continuing to ignore your backlog. The Switch eShop currently has a few sales running that are worth a quick peek while waiting for the 45 minutes of coming attractions ahead of Mission Impossible 8 to end. If you're looking at physical Switch games, there are a few good deals going around at the moment. Advance Wars 1 and 2 Re-Boot Camp is currently just $30 at GameStop (half off) while Dragon Quest III HD-2D Remake is just $40 (33 percent off) at Amazon. 13 Sentinels: Aegis Rim, Catherine: Full Body, and Shin Megami Tensei III Nocturne HD Remaster are all heavily discounted as well at VGP. Meanwhile, in the digital world of the eShop, the following games are all great and pretty cheap right now: Prince of Persia The Lost Crown - $20 (50 percent off) It Takes Two - $20 (50 percent off) Tales of Kenzera: ZAU - $8 (60 percent off) Monster Hunter Rise + Sunbreak Deluxe - $20 (71 percent off) Dead Cells - $12.50 (50 percent off) Penny's Big Breakaway - $15 (50 percent off) Doom 2016 - $4 (80 percent off) The Witcher 3: Wild Hunt — Complete Edition - $15 (75 percent off) Rayman Legends Definitive Edition - $8 (80 percent off) The Witcher 3 port is just short of ugly on Switch, but if you have no other way to play the grim fantasy RPG it's well worth picking up, especially on the game's 10th anniversary. Doom 2016 runs and looks better, and should help sate the urge to rip and tear for Nintendo fans who can't access Doom: The Dark Ages. If you just want a fun, colorful throwback to pass the time, my suggestion is Penny's Big Breakaway, one of last year's great unsung Dreamcast 3D platformer homages. There are two other Switch games that are only slightly on sale but might be of interest. The Chrono Trigger-like Sea of Stars is currently $22.75 (around 30 percent off), but just got a big free Throes of the Watchmaker DLC that adds a new eight-hour quest, additional character, and more classes. Labyrinth of the Demon King, meanwhile, is a lo-fi horror dungeon crawler that just came out last week and is already turning heads. It's $16 this week (20 percent off). If you're interested in what might end up on the list of 2025's most overlooked games, I'd give this one a shot. . For the latest news, Facebook, Twitter and Instagram.
