Intuit is renowned for its flagship applications – TurboTax, a tax preparation software, and Quickbooks, a small business accounting program. Even though the company let go 10% of its workforce in July to focus on AI, Cole believes that an additional safety net is required as TurboTax may be threatened by AI automation. “While we recognize Intuit’s investments and internal deployment of AI, we think a supplementary hedge is necessary. A Bitcoin reserve seems to be the most viable choice,” Cole suggested.

Having a Bitcoin reserve, according to Cole, will ensure that Intuit has “sufficient strategic capital to withstand the AI upheaval and maintain a strong position throughout the turbulence of the AI revolution.”

In a similar vein, Cole had written to GameStop’s CEO Ryan Cohen in February, advising the gaming retailer to utilize its $4.6 billion in cash to purchase Bitcoin. Cohen acknowledged this in an April 1 regulatory filing, and the company completed a convertible debt offering that raised $1.5 billion, some of which was allocated for Bitcoin purchases.

Cole urged Intuit to reassess the acceptable use policy of its marketing platform, Mailchimp, alleging that it continually suspends cryptocurrency-related accounts due to policy infractions. Cole expressed concern that Intuit’s restrictive policies could potentially discriminate against Bitcoin enthusiasts and adversely impact long-term shareholder value.

Despite its current policy that may not allow accounts offering “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering,” Mailchimp clarified that it does not necessarily forbid crypto-related content. They permit the distribution of such content provided it does not involve the sender in the selling, trading, or marketing of cryptocurrency.

Cole suggested that Mailchimp probably drafted its policies when the legal standing of cryptocurrency and related businesses was ambiguous. Nevertheless, he recommends, given the crypto-friendly Trump administration, it’s time to “revise the acceptable use policy to terminate the comprehensive ban on crypto-related businesses.”

Intuit has not yet responded to a request for comment.

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The month of March saw a resurgence of positive inflows into Bitcoin ETFs on Wall Street. These ETFs provide regulated investors a secure way to invest in on-chain BTC. However, the competition for Bitcoin isn’t solely between public financial conglomerates regulated by the SEC and the US government. Non-financial publicly traded corporations have also started incorporating Bitcoin into their long-term financial strategies to optimize their balance sheets.

Here are four notable examples that potentially mark the beginning of a corporate race for Bitcoin, indicating that the current price levels may significantly undervalue this scarce digital asset.

1. Strategy Adds 6,911 More Bitcoin to Its Holdings

Virginia-based Bitcoin holding company, Strategy, purchased 6,911 additional BTC for $584 million between March 17th and 23rd. This takes Strategy’s total BTC holdings to 506,137, according to data from Bitcoin Treasuries. In the last quarter of the previous year, Strategy acquired a total of 218,887 bitcoins for $20.5 billion, and in January, it purchased another 10,107 BTC for around $1.1 billion.

2. GameStop Bolsters Balance Sheet with Bitcoin

GameStop, a Texas-based retail video game chain, announced in March that it plans to add BTC to its balance sheets. Following unanimous approval from its board of directors, GameStop’s stock surged by 11.7%, although it later dropped by over 20%. The company has filed to raise $1.3 billion in stock-convertible corporate loans to purchase Bitcoin.

3. MetaPlanet Purchases $12.6M in Bitcoin

MetaPlanet, a Japanese hotel chain, strengthened its corporate finances by purchasing 150 BTC for roughly $12.6 million in March. This increased MetaPlanet’s total holdings to 3,350 BTC, valued at over $172 million in March.

4. KULR Technology Buys $5 million More Bitcoin

KULR Technology Group, a lithium-ion battery and electronics company based in San Diego, California, bolstered its Bitcoin treasury in March by adding 58.3 BTC worth around $5.3 million. This takes KULR’s total BTC holdings to 668.

5. Accounting Update Facilitates Corporate Bitcoin Holdings

The trend of corporate accumulation of Bitcoin has been further encouraged by an update to the Financial Accounting Services Board (FASB) rules in December 2023, which officially implemented fair value accounting procedures for corporate Bitcoin holdings.

The post Bitcoin Mania: Corporations Bolster Balance Sheets with BTC in March appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Following the close of the market on the same day, GameStop disclosed a $1.3 billion offering of convertible notes. These senior notes, a form of debt that can later be converted into stock, will serve general corporate purposes, including the purchase of Bitcoin, as per the company’s announcement.

“GameStop anticipates utilizing the net proceeds from the offering for general corporate purposes, including Bitcoin acquisition in line with GameStop’s Investment Policy,” the company stated. On March 25, the company revealed a strategy to employ a part of its corporate cash or future debt to invest in digital assets, including Bitcoin and US-dollar-pegged stablecoins.

As of February 1, GameStop’s cash reserves were $4.77 billion, compared to $921.7 million the previous year. The company’s shares closed at $28.36 on the NYSE according to Google Finance, representing an 11.65% increase for the day.

For the fourth quarter of 2024, the company posted a net income of $131.3 million, compared to $63.1 million for the same period the previous year. Despite a $511 million decrease in net sales year over year, the company has been actively reducing costs, including closing 590 stores in the United States in 2024.

GameStop was a key player during the 2021 meme stock frenzy when retail traders arranged a “short squeeze” that rocketed the stock price. This resulted in some hedge funds shutting down due to the losses incurred, lending a “David vs. Goliath” story to the rise of the GameStop meme stock.

GameStop is now following the path of Strategy, which started adding Bitcoin to its treasury in August 2020. As of December 2024, Strategy’s stock had seen a 3200% increase since initiating its crypto strategy. Similarly, the Japanese company Metaplanet, which plans to buy 21,000 BTC by 2026, experienced a 4800% increase in its stock price after making the announcement. According to CoinGecko, 32 publicly traded companies currently hold BTC on their balance sheets.

The post GameStop’s Stock Surge 12% Following Bitcoin Investment Announcement appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The market is wary of Chairman Ryan Cohen’s drive into crypto to turn around the gaming industry, which hasn’t generated a quarterly profit since 2021. Cohen, who also established Chewy Inc., has pressed forward, targeting gamers as the NFT industry’s greatest audience.

GameStop will work with FTX US on e-commerce and internet marketing activities and offer FTX gift cards in certain shops. The partnership’s finances are unknown. In extended trade, GameStop shares, down 35% this year, surged 11%.

The deal builds on GameStop’s past excursions into NFTs, including the development of a digital asset wallet in June. In July, the business launched an NFT platform to trade these assets, despite the crypto sector slump.

GameStop’s switch to NFTs hasn’t shown yet. The company’s second-quarter net sales fell 4% to $1.14 billion, below analysts’ projections. The corporation lost $108.7 million, almost doubling.

FTX US established a stock trading facility for all US customers, including non-crypto investors, to enhance its client base and funds under custody. It’s teamed with Reddit to facilitate bitcoin payments.

GameStop Background

GameStop’s approach has shifted in recent years from discs to downloads. Much of its retail business was affected by the Covid crisis and console supply issues. According to NPD Group, overall gaming expenditure declined 13% in the second quarter.

GameStop’s leadership has struggled to transition into crypto, with unimpressive results thus far.

GameStop is focusing on toys and collectibles in its locations. Sales reached $223.2 million in the quarter, up from $177.2 million the previous year.

Cohen was criticized after selling Bed, Bath & Beyond for $68.1 million in mid-August. Retail investors who rushed to him amid meme-stock hysteria lost millions. GameStop’s shares dropped.

The post GameStop Collaborates with FTX.US to Promote Crypto Adoption appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Loopring also says in the new blog post where the high fees that associated with the NFTs are a barrier for entry for various would-be participants. Here, NFT are extensively becoming the foundational piece for the gaming as well as coming metaverse. On the other hand, developers, users and gamers continue to get this priced out for primitive in the digital ownership. Here, access should be fast, affordable, and secure for huge set of masses.

NFT Marketplace

The latest marketplace which built atop the Loopring L2 confirms users get strongest rights of digital property. It should anchored by the secure, reliably neutral environment and decentralized environment Ethereum.

Here, Loopring created on Ethereum, NFT and use zero-knowledge proofs that make sure about the privacy of users while transacting at public blockchains. The Holders of various native token and LRC may earn the rewards from fees paid through decentralized exchanges. This mainly built using protocol of Loopring.

Previous month GameStop announced that this will partner with contending L2 Immutable X scaling solution. It is creating the fund of $100 million initially in IMX tokens that offers grants for the NFT creators with developers of technology.

The retailer gaming stated their intentions for creating an Ethereum-based of NFT marketplace. Even though they also had not picked the partner at the time.

The News of latest partnership of GameStop has sent Loopring skyward. This was initially pitching trough 46% from almost $0.84 to $1.23.

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