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G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🕹️ GameStop Goes Bitcoin - Positioning to Become the First Main Street Bitcoin Bank?

💸 MicroStrategy Now Holds Over 500,000 Bitcoin

🇫🇷 Europe’s Answer to Strategy, The Blockchain Group Adds 580 BTC

⚡ KULR Adds More Bitcoin, Hits 668 BTC

🕹️ GameStop Goes Bitcoin - Positioning to Become the First Main Street Bitcoin Bank?

This week, GameStop (NYSE: GME) stunned markets - not with a short squeeze, but with a bold Bitcoin pivot.

The company announced a $1.3 billion capital raise through convertible notes, with proceeds aimed at "general corporate purposes" - including, explicitly, the acquisition of Bitcoin.

This follows a board-approved update to its investment policy to allow BTC as a treasury reserve asset.

Sound familiar? It should. Because we’ve seen what happens when public companies go full Bitcoin…

📈 The Blueprint Already Exists - And It Works

Strategy turned $250M into over 500,000 BTC, boosting its market cap from $1B to $85B. Japan’s Metaplanet surged 2,200% after adopting BTC. Even Semler Scientific jumped 120%. If GameStop follows a similar path, its $11B market cap could grow fast — especially with retail and short squeeze dynamics in play.

🧠 Why GameStop Could Go Even Bigger

Let’s be clear: GameStop is not a tiny biotech or a sleepy Japanese stock.

Here’s what it brings to the table:

• $11 billion market cap before Bitcoin

• Close to $5 billion in cash on its balance sheet

• A cult-like retail investor following

• Deep cultural roots in the digital economy

• Over 4,000 physical store locations globally

And now, a war chest of $1.3B to begin buying Bitcoin.

This isn’t just about improving the balance sheet. This could be a strategic pivot into Bitcoin-native banking infrastructure.

🏦 The First Main Street Bitcoin Bank?

With 4,000+ stores, GameStop could offer Bitcoin ATMs, in-store wallet onboarding, BTC-backed loans, and Lightning payments - something no bank or fintech has pulled off. This potentially isn’t just a treasury play.

Could it be a bold bet to bring Bitcoin banking to the masses?

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💸 MicroStrategy Now Holds Over 500,000 Bitcoin

MicroStrategy isn’t slowing down. Between March 17–23, 2025, the company raised nearly $593 million by selling 1.975 million shares of MSTR stock through its $21B at-the-market (ATM) equity program. On the preferred side, it also sold 13,100 shares of STRK Series A stock, raising another $1.1 million.

🧱 Stacking Bitcoin with Fresh Capital

With the combined proceeds, MicroStrategy went straight to the market - purchasing 6,911 BTC for $584.1 million at an average price of $84,529 per coin. That’s another massive step in their BTC accumulation strategy, using Wall Street capital to buy hard money.

📊 The Bitcoin Treasury Titan

As of March 23, 2025, MicroStrategy now holds 506,137 BTC - acquired at a total cost of $33.7 billion, with an average purchase price of $66,608 per bitcoin. The company continues to cement its status as the largest corporate Bitcoin holder in the world - and it’s not done yet.

🇫🇷 Europe’s Answer to Strategy, The Blockchain Group Adds 580 BTC

The Blockchain Group has acquired 580 BTC for ~€47.3M, bringing its total holdings to 620 BTC valued at over €50.5M.

This move accelerates its Bitcoin Treasury Company strategy, funded via a convertible bond issued by its Luxembourg subsidiary and securely custodied by Swissquote Bank Europe SA using Taurus infrastructure.

📊 New BTC KPIs: Yield, Gain, and € Gain

The Blockchain Group has adopted three Bitcoin-native performance metrics - inspired by MicroStrategy’s playbook:

• BTC Yield (YTD): 🚀 709.8% - a stunning increase in BTC per share, signaling aggressive, efficient accumulation

• BTC Gain: +283.9 BTC - growth in holdings driven by equity-financed Bitcoin buys

• BTC € Gain: ~€23.15 million - euro value created based on current BTC cost basis

🇪🇺 Europe’s MicroStrategy?

With its bold treasury strategy, The Blockchain Group (ALTBG) is positioning itself as Europe’s answer to MicroStrategy and Metaplanet, blending Bitcoin with AI, data intelligence, and decentralized consulting.

The mission? Grow BTC per share and become a standout Bitcoin-native company on Euronext Growth Paris.

Short ₿its 🌟

⚡ KULR Adds More Bitcoin, Hits 668 BTC

KULR Technology has added 56 BTC for $5M, bringing its total stack to 668.3 BTC acquired at an average cost of $97,305 per coin.

The company has now deployed over $65 million into Bitcoin, funded through a mix of cash and its ATM equity program.

CEO Michael Mo reports a BTC Yield of 181.1% YTD, as KULR continues to lean into its aggressive treasury strategy allowing up to 90% of reserves in Bitcoin.

🆕 Bitwise $OWNB Adds New BTC Treasury Firms

Bitwise’s $OWNB ETF just added Fold Holdings ($FLD) and Bitdeer Technologies ($BTDR) to its lineup of public Bitcoin treasury companies.

The ETF now tracks 22 firms holding 648,000 BTC—worth over $54 billion, or 3.2% of all Bitcoin in existence. The corporate Bitcoin standard is growing fast—Wall Street is watching.

🇵🇰 Pakistan Eyes Bitcoin Mining & Tokenization

The Prime Minister of Pakistan led high-level talks with global crypto leaders to explore $3.5B in Bitcoin mining infrastructure and asset tokenization. With immediate plans for deployment and regulation, Pakistan signals it's ready to become a regional hub for Web3 and the digital economy.

🇷🇺 Russian State Advisor Endorses Bitcoin

A top Russian state advisor says the country should hold Bitcoin, citing its long-term price growth. Nation-state FOMO is heating up. 🔥

Tweet of The Week

Podcast of The Week

🧭 True North Ep. 21: Bitcoin Strategy Deep Dive

In Episode 21 of MSTR True North, Jesse Myers unpacks Strategy’s Bitcoin accumulation playbook, analyzes GameStop’s BTC pivot, and breaks down MSTR’s financial position heading into Q2. A must-watch for anyone tracking corporate Bitcoin adoption.

If you have questions about how Bitcoin could help you or your business, please don’t hesitate to reach out for a free 30-minute consultation 🕒. We're here to help you navigate the future with Bitcoin 💡

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin on Balance

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/

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