Public keys are weekly summary Decryption This tracks major crypto companies that are publicly traded. This week: GameStop makes a big splash with the Bitcoin announcement, then offers debt. BTC Minors are seeking a world of scars as fees shrink. And Robin Hood hits New Jersey’s slap on the wrist for his prediction market debut.
GameStop Press plays on Bitcoin
GameStop’s fourth quarter revenue report has received a lot of excitement. This is because it strongly suggests that the company will begin purchasing Bitcoin and has since confirmed it.
(There is a rapidly growing list of public companies that buy Bitcoin.)
The video game retailer trading on the New York Stock Exchange under GME ticker reported $4.8 billion in cash and cash equivalents as of February 1.
But instead of using some of that cash to buy Bitcoin, it raises $1.3 billion from offering convertible notes. GME investors aren’t satisfied, but traders are finding ways to make money with the news. Yesterday’s short volume was the best since Meme Stock influencer Roaring Kitty returned to Japan last summer.
Meanwhile, GME erased the BTC bump and sank near the six-month low. By Friday afternoon, GME prices were around $22, losing 12.9% over the past five days.
Investors have noted that on their previous Twitter, X, that over 71% of their GME volume is trading on exchanges in dark pools. This is a way for institutional investors, such as hedge funds, mutual funds, pensions, and more to carry out large transactions without being immediately publicized.
Incredible reduced bitcoin fees
Miners’ nasty news: Bitcoin trading fees are shrinking.
Blocksbridge Consulting noted in this week’s newsletter that transaction fees constitute only 1.25% of Block’s total compensation. That’s the lowest since April 2022.
“Without a significant increase in Bitcoin’s market price and a revival of trading fees, these miners could face situations that are out of control immediately.
At the time of writing, the rest of the Bitcoin and the crypto market are in the suffering of defeat. Global crypto market capitalization has sunk 5.5% over the last 24 hours, with Bitcoin price falling 3.7% to $83,804.62, according to Coingecko data.
Meanwhile, Bitcoin Miner said Decryption At a meeting earlier this week, AI clients are facing their own challenges as they pivot data warehouses to deliver high-performance computing.
First of all, Bitcoin Miner can turn off the rig to save money. But if you’re handling AI startup workloads, it won’t fly.
“We can be disrupted (like Bitcoin miners), but traditional data centers need it 100% of the time (as is),” said Shanon Squires of Compass Mining. Decryption, This UPS takes a lot of time.
Paging CoreWeave Quotes
Speaking of Bitcoin Miners that pivot towards AI, NVIDIA-backed AI Hyperscaler CoreWeave has begun trading on Nasdaq under the CRWV ticker.
(Remember: coreweave started out as a crypto miner focused on Ethereum in 2019, and gradually pivoted into AI as Ethereum switched to a consensus of proofs in 2022, making Ethereum miners obsolete.)
The company’s CEO rings the opening bell on Friday to mark the IPO. The IPO priced the stock at $40 and tried to raise $1.5 billion. For some time, CRWV was expected to raise up to $2.7 billion with a high price estimate of $55 per share.
However, for most of the day it was impossible to find a stock estimate for CRWV. And when it came out, the stock fell 5.5% to $37.81, around 1:30pm ET. However, it seemed to recover slightly and close the first day of the deal, which won 2.4%.
Well… we’re waiting. $ crwv pic.twitter.com/g4qqg4oqhl
– March 28th, 2025, special (@jg_nuke)
Unnamed person familiar with this issue Bloomberg Three unnamed investors bought half of their $1.5 billion offer. And it was rumoured that Nvidia would snap a $250 million worth of offering. In other words, a small number of wealthy people have juiced the IPO so they can look more successful than they would otherwise have been. Bloomberg’s Report.
One of the issues analysts flagged in CRWV is the background of the founder. Matt Turck, a partner at Venture Capital First Mark, is posted on X, and comes from financials rather than technical background.
But even the two financial co-founders didn’t look great in finance.
“CoreWeave remains ineptly unemployed,” Turck wrote in a blog post. ” A net loss of $31 million in 2022, resulting in $593.7 million in 2023 and $863.4 million (-45% margin) in 2024.
Robin Hood timeout?
First, the good news: Robin Hood put an extra sparkle on its Gold Premium membership earlier this week.
The Crypto and Stock Trading platform, which trades under Hood Ticker on Nasdaq, includes access to the Robinhood strategy aimed at providing tickets for exclusive events such as “Taylor, Professional Management Portfolio,” Oscars, private jet travel, and same-day delivery of cash to customer doorsteps.
This has led Bernstein analysts to set a $105 price target for food. That’s more than twice the company’s current stock price of $41.65.
However, according to Closing Linestate regulators have had another recent update from the company, its sports forecast market.
New Jersey’s gaming and entertainment division has written to businesses, claiming that the market is a “fraudulent sports betting service” and should not be available to the state’s residents.
Tonight, midnight is the deadline for Calci and Robinhood to grant receipt of the letter and blocking access to New Jersey residents. Around 3pm in the eastern part of the country, this New Jersey resident was still able to see the market for her Robinhood app.
Other keys
Etoro, a trading platform that combines Crypto offerings with Bitcoin, Ethereum and Bitcoin Cash as part of the SEC settlement, is currently running for early public offerings. However, it is still unclear whether Etoro will revive Crypto and seduce new users.
However, it appears that the fact that it is turned on and off on most crypto assets does not undermine its performance.
In SEC submissions, the company reported that Crypto accounted for 38% of the company’s committee, up from 17% the previous year. The Commission also rose to $931 million, up 46% from $639 million in 2023.
Is this the bull leading the current Tech IPO season?
