Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: GameStop makes a big splash with its Bitcoin announcement, then fumbles with a debt offering; BTC miners are in for a world of hurt as fees shrink; and Robinhood gets a New Jersey slap on the wrist for its prediction market debut.
GameStop presses play on Bitcoin
There was a lot of excitement for GameStop’s Q4 earnings report because it was heavily hinted—and then confirmed—that the company was going to start buying Bitcoin.
(There’s a rapidly growing list of publicly traded companies that buy Bitcoin.)
The video game retailer, which trades on the New York Stock Exchange under the GME ticker, reported $4.8 billion in cash and cash equivalents as of February 1—up from $921 million the same time last year.
But instead of using a portion of that cash to buy Bitcoin, it’s raising $1.3 billion in a convertible note…
