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PLUS: Let's talk about GameStop
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GM to all of you nutcases. It’s Crypto Nutshell #564 flyin’ by… 🏎️ 🥜
We're the crypto newsletter that's more epic than assembling Earth's mightiest heroes to save the world... 🦸♂️⚡
What we’ve cooked up for you today…
🤔 Will they do it?
🪦 Memecoin Funeral
📈 New all time-high
💰 And more…
Prices as at 2:15am ET
WILL THEY DO IT? 🤔
BREAKING: GameStop CEO Responds to Proposal to Convert $5 Billion Cash to Bitcoin
Two weeks ago we covered rumours about GameStop potentially adding Bitcoin to it’s treasury reserves.
(Quick reminder: GameStop is a popular video game retailer and well-known meme stock)
Today, we've got fresh developments on this front...
Matt Cole, CEO of Strive Asset Management, is publicly encouraging GameStop to go all-in on Bitcoin.
Interestingly, GameStop CEO Ryan Cohen simply commented “Letter received” on a related X post. 👀
GameStop CEO Ryan Cohen
Cole argues this move would significantly enhance GameStop's financial outlook:
“We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier Bitcoin treasury company in the gaming sector.”
Continuing on, Cole explains:
“With nearly $5 billion in cash on its balance sheet, the firm is uniquely positioned to shift its reserves from a shrinking asset to a growth engine, propelling GameStop from meme stock to market leader, one Bitcoin at a time.”
Cole even urges GameStop to “commit exclusively to Bitcoin”, referencing GameStop’s failed NFT experiment back in 2022.
“A straightforward investment in Bitcoin is the safest approach in the long run.”
Adding even more fuel to the speculation…
GameStop CEO Ryan Cohen only follows three accounts on X: the official Bitcoin account, Bitcoin Magazine, and GameStop itself.
Is GameStop gearing up for a major move into Bitcoin? 🤔
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MEMECOIN FUNERAL 🪦
There’s 1 thing to blame for Bitcoin dipping under $90,000:
Memecoins.
At least according to Matt Hougan.
Today, Matt reacted to Bitcoin dipping under $90,000 for the first time since November:
If you were tuned into the crypto market in 2024, you couldn’t ignore it - memecoins were everywhere.
But, according to Matt, a perfect storm of bad actors - Melania, Libra, and even the Lazarus Group using memecoins to launder stolen ETH - has killed the memecoin trend for good.
But here’s the thing: something better is already taking its place.
Institutional Bitcoin adoption
Stablecoins going mainstream (More on this in the next section)
Tokenization accelerating
A DeFi comeback
The short-term pain?
A market-wide pullback as memecoins lose momentum.
The long-term setup? A stronger, more mature crypto market.
And institutions know it.
Ryan Rasmussen, head of research at Bitwise, just dropped this:
As we’ve been pointing out over the last few weeks…
Retail investors are panicking. Smart money is licking their lips.
Do with that as you will. 🤷🏻♂️
NEW ALL-TIME HIGH 📈
Today we’ll be taking a look the overall stablecoin supply.
Stablecoins are the backbone of crypto liquidity, used for seamless trading and instant cross-border transactions.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
The last time we checked in on this metric, the stablecoin market cap was ~$201.90 billion. (12th of February)
Today that number has climbed to ~$202.50 billion. 📈
That’s an increase of ~$600 million in the last two weeks. (This metric set a new all-time high of $203.68 billion yesterday)
Here’s the crazy part…
Year-to-date, the stablecoin supply has surged by an additional $17.45 billion.
Capital continues to pour back into the crypto industry.
A bright spot in a relatively rough time for the markets…
CRACKING CRYPTO 🥜
El Salvador and Metaplanet double down buying the Bitcoin price dip. El Salvador and Metaplanet seize Bitcoin dip to bolster their BTC holdings amidst significant market downturn.
Altseason 2025: ‘Most altcoins won’t make it,’ CryptoQuant CEO says. CryptoQuant CEO Ki Young Ju predicts a selective altcoin season in 2025, where ETF approvals and strong fundamentals will help determine the winners.
GameStop Urged to Convert Its $5B Cash Into Bitcoin by Strive's CEO Matt Cole. GameStop has a unique opportunity to redefine itself as a market leader with its nearly $5 billion cash reserve, the letter said.
Top EF researchers discuss Ethereum's 'endgame' in 'ask me anything'. Top Ethereum Foundation researchers discussed everything from scaling Ethereum to bolstering base layer revenue in wide-ranging Q&A on Reddit.
WHAT WE’RE READING 📚
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What was Bitcoin's initial block reward? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 50 Bitcoin 🥳
Bitcoin’s initial block reward was 50 BTC.
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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