GameStop is considering investing in Bitcoin and other cryptocurrencies, though no final decision has been made. The company’s stock surged 20% after the news. CEO Ryan Cohen recently met with Bitcoin advocate Michael Saylor, but Saylor is not involved in GameStop’s crypto discussions. The retailer, known for its meme stock status, previously experimented with crypto wallets before shutting them down in 2023 due to regulatory concerns. With a $4.6 billion cash reserve, GameStop is exploring alternative asset investments as part of its updated investment policy.
SEC Acknowledges Grayscale’s Dogecoin ETF Proposal, Seeks Public Comment
The U.S. Securities and Exchange Commission has acknowledged Grayscale’s proposal for a Dogecoin exchange-traded fund (ETF) and is inviting public comments. This marks the second step in the approval process, with a decision pending after the comment period. Grayscale, which launched the Dogecoin Trust in January, describes the token as more than a meme coin, emphasizing its role in financial inclusion and payments. The SEC has also acknowledged Grayscale’s XRP Trust filing, signaling increased scrutiny of crypto ETFs amid a shifting regulatory landscape.
Judge Pauses Binance-SEC Legal Battle for 60 Days Amid Regulatory Shift
A Washington D.C. district judge has granted a 60-day stay in the legal dispute between Binance and the U.S. Securities and Exchange Commission. The pause comes as the SEC’s new crypto task force, led by Commissioner Hester Peirce, works to establish clearer regulations. The SEC sued Binance in 2023 over unregistered operations and trading violations, leading to a $4 billion settlement. The regulatory landscape is shifting under new SEC leadership, with the agency also facing legal battles with Coinbase and other crypto firms.
Coinbase Reports Strongest Quarter in Over a Year as Trading Surges Post-Election
Coinbase posted its best quarterly earnings in over a year, with Q4 revenue reaching $2.3 billion, an 88% increase from the previous quarter. Net income soared to $1.3 billion, driven by a surge in crypto trading following the U.S. presidential election. Trading volume hit $439 billion, exceeding estimates, while consumer transaction revenue jumped 178%. Institutional trading played a key role, though retail trader activity remains low. Coinbase continues expanding its subscription and services revenue, while a potential shift in U.S. crypto regulations under President Trump could further benefit the exchange.
