GameStop Raises $1.5 Billion to Buy Bitcoin + Tether Buys 8,888 BTC

American Bitcoin Plans Public Listing With Backing From Hut 8 and Trump-Linked Firm

American Bitcoin, backed by Bitcoin miner Hut 8 and Trump-affiliated American Data Centers, is preparing to go public, Bloomberg reports. The firm envisions a vertically integrated structure with one division handling energy and data center infrastructure and the other managing Bitcoin mining operations.

Before its public debut, American Bitcoin may seek private investment. The company emerged after Hut 8 acquired an 80% stake in American Data Centers, which then rebranded to focus on Bitcoin mining and building a strategic BTC reserve. Eric Trump, involved in the firm, stated there is little communication between him and his father, former President Donald Trump.

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GameStop Raises $1.5 Billion to Buy Bitcoin Amid Investor Skepticism

GameStop has completed a $1.5 billion private offering of 0.00% convertible senior notes due 2030, with plans to use the funds to purchase bitcoin. While the announcement initially boosted its stock, shares have since declined, suggesting investor uncertainty over the move.

The strategy mirrors MicroStrategy’s bitcoin accumulation approach, with analysts noting GameStop’s strong financial position, including $4 billion in cash and $3.8 billion in 2024 revenue, as a potential advantage in scaling its bitcoin holdings.

Tether Buys 8,888 More Bitcoin, Expands Holdings to $7.8 Billion

Tether has added 8,888 BTC to its reserves in Q1 2025, spending $735 million to bring its total holdings to 92,646 BTC, worth about $7.8 billion. The company remains committed to its strategy of allocating 15% of net profits to Bitcoin, a policy it formalized in May 2023.

Despite Bitcoin’s 12% decline in Q1—its worst first-quarter performance since 2018—Tether sits on $3.86 billion in unrealized gains. Beyond Bitcoin, the company continues to expand into mining, energy production, and AI, signaling a broader strategic shift.

Tether also remains under scrutiny for its financial transparency. After years of relying on quarterly attestations, it is now in talks with a Big Four accounting firm for a full audit, which CEO Paolo Ardoino has called a top priority.

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Circle Moves Toward NYSE Listing as SEC Filing Reveals Financials

Stablecoin issuer Circle has filed to go public, planning to list its stock on the New York Stock Exchange under the ticker CRCL, pending SEC approval. The company sees itself as a foundational player in the emerging internet financial system but acknowledges the challenges of operating in a highly regulated and evolving industry.

Circle disclosed that from 2021 to 2024, it minted $504 billion in USDC and redeemed $464 billion, maintaining one-to-one redemptions with the US dollar. The company reported an adjusted EBITDA of $284 million for 2024.

This move follows a recent IPO filing from eToro and aligns with broader expectations of increased crypto-related public listings in the near future.

Resources:

sec.gov

Bloomberg