Public Keys: GameStop Bitcoin Flop, BlackRock ETF Euphoria and Metaplanet's Sprint
GameStop's investment of $512 million in Bitcoin led to a temporary share price increase to $35.78, but it subsequently fell nearly 17% to $29.80. Analysts express skepticism about GameStop's ability to manage Bitcoin volatility, warning of significant unrealized losses if Bitcoin prices drop. BlackRock's Bitcoin Trust (IBIT) achieved record net deposits of over $6.22 billion in May, now holding $72 billion in assets, accounting for 55% of total assets under management among Bitcoin ETFs. Concerns arise regarding the limited number of custodians for Bitcoin backing ETF shares. Metaplanet aims to acquire 10,000 BTC by year-end, currently holding 7,800 BTC, but its debt-to-equity ratio has surged to 8.43, raising risks if Bitcoin prices decline.
