Public keys are weekly summary Decryption This tracks major crypto companies that are publicly traded.
This week: GameStop sinks after purchasing a Bitcoin boat road, BlackRock’s Bitcoin ETF continues to fly high, Metaplanet makes potentially dangerous sprints to accumulate a lot of BTC very quickly.
GameStop Bitcoin Flop
GameStop discovered this week that it is not universally in favor of stock prices to sink $5 billion into Bitcoin.
The video game retailer spent $512 million on Bitcoin earlier this week, with GME stock price reaching $35.78am. However, it fell sharply on the same day and has not yet recovered.
GME concluded on Friday at $29.80. It was 17% lower than its short-lived Wednesday peak. Now, don’t get me wrong: Trump’s revival of tariff troubles has hit crypto assets and securities alike.
However, GME went deep into the post-Bitcoin purchase slide before the appeals court ruled that Trump’s tariff policy would be maintained.
Wedbush Securities Analyst Michael Pachter – The only wall streeter still officially covers GME – Baron’s His not being sold on GameStop is not an attractive purchase due to Bitcoin ambitions.
“It makes no sense to me for (GameStop) to become a ‘better’ steward for Bitcoin Holdings,” he said.
Pachter noted that retailers are not in a position to weather the majority of the Treasury’s department sitting on unstable assets. For example, if Bitcoin lowers 30% to around $70,000, the price seen in October leaves GME with an unrealized loss equal to operating profit for the past four quarters.
Interestingly, in April, CEO Matt Cole highlighted the infighting at Gamestop over the Bitcoin strategy. However, his advice to the company buying Bitcoin as quickly as possible is not particularly aging.
Go Euphoria
The BlackRock Bitcoin Trust (IBIT) has taken over $62.2 billion in net deposits this month, making it the highest month on record. This is before Bell rang on the last trading day in May.
Of course, Bitcoin will help you flirt and set some new all-time high prices.
Bloomberg ETF analyst Eric Bulknath pointed out that with X it is not a typical trajectory for the newly launched fund.
“In the recent IBIT fire, it currently has $72 billion worth of assets, ranked 23rd overall, and it would definitely go crazy a year ago,” he wrote.
The fund is so dominant that it accounts for 90% of all Spot Bitcoin ETF flows over the past month.
As a group, 12 ETFs account for more than 6% of the circulating 19.8 million Bitcoin supply. However, at $70.2 billion, IBIT accounts for 55% of its $126 billion worth of assets under its issuer control.
But Milestone emphasizes that critics like Rep. Mike Flood (R-NE) are unique risks. There are only four different custodians used by the issuer to hold Bitcoin that supports ETFs.
“This concern is amplified by the fact that custodians are not banks,” he wrote in a February statement. At the time, he was recently withdrawn from the SEC Staff Accounting Breaking News (SAB) No. 121 was quoted.
Despite the rules being revoked, there hasn’t been much change in the lineup.
Many publishers such as BlackRock, Grayscale, Wisdomtree, Franklin Templeton, and Valkyrie use Coinbase custody. The Investco and Galaxy Fund uses Galaxy as its custodian, but some of its BTC is routed to Coinbase as a subcustodian.
BlackRock added Anchorage Digital in April as an additional custodian for IBIT and ETHA funds. Fidelity’s independence supports BTC’s backing share Fidelity Bitcoin Trust, the next biggest fund, FBTC.
Metaplanet Sprint – But at what cost?
Metaplanet, a company of the Japanese Bitcoin Ministry of Finance, has not walked towards its goal of winning 10,000 BTC by the end of the year. This is worth over $1 billion at its current price.
Metaplanet holds 7,800 Bitcoin due to another purchase earlier this week.
But it’s very literally at a cost to the company. Reuters. In the context, as of March 2025, the strategy ratio (the company that is trying to emulate) was 0.24.
Michael Saylor’s Bitcoin Juggernaut doesn’t have many comparisons to the point where he often looks conservative after getting around $6 billion worth of BTC, but this is one of them.
If Metaplanet’s game plan works out, it could amplify investors’ returns. But with a Bitcoin tank, it can explode spectacularly.
Other keys
- New headquarters for coins: San Francisco Mayor Daniel Lully welcomed Crypto Exchange Coinbase back in town. Crypto Exchange has moved to Mission Rock after closing its headquarters four years ago as it moved to remote work during the Covid-19 pandemic. The shift was expensive. The company revealed in a shareholder’s letter that it had paid $25 million to close the lease early.
- Table Stakes: SEC staff say they do not immerse their code to earn rewards and constitute a securities offering either directly or through third-party custodians or protocols. However, while the news may be welcomed as is, it is worth noting that the new guidance is not yet surrounded by SEC rules. Translation: BlackRock Ethereum Trust or Etha should not share to start paying staking rewards immediately.
- Me for alt: The newly released platform Etoro has created dozens of crypto assets that can be used for transactions, including XRP, Dogecoin, Shiba Inu and more. The company trades under Nasdaq’s ETOR ticker. The company debuted at $69.99 per share (a big bump from the $52 IPO price), but has since gone back to $59.20 by the end of Friday.
Edited by Andrew Hayward