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Cryptocurrency News Articles
GameStop's Bitcoin Bet Sparks Rally Despite Falling Sales
Mar 30, 2025 at 11:30 am
March 30, 2025 – GameStop Corp. (NYSE: GME) made headlines on Wednesday after its shares soared 11.7% despite reporting a 28% year-over-year decline in fourth-quarter net sales.
GameStop Corp (NYSE:GME) shares soared 11.7% in after-hours trading on Wednesday despite a 28% year-over-year decline in fourth-quarter net sales. The company's board of directors unanimously approved a plan to buy Bitcoin with a portion of its corporate cash reserves, signaling a strategic shift toward cryptocurrency investments.
Later in the session, Dollar Tree Inc (NASDAQ:DLTR) shares rose 3.1% following the release of better-than-expected fourth-quarter earnings, while Humacyte Inc (NASDAQ:HUMA) stock surged after announcing successful results from a clinical trial for its bioengineered blood vessels.
Tech giants Nvidia (NASDAQ:NVDA) and Tesla (NASDAQ:TSLA) pulled back after the bell, as a broader sell-off in the technology sector unfolded, driven by concerns over regulatory challenges in China.
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GameStop Surprises With Bitcoin Plans Amid Weak Sales
GameStop reported fourth-quarter earnings that painted a mixed picture. While the company's decision to add Bitcoin to its balance sheet surprised investors, the core retail business showed signs of weakness.
The company's net sales fell by 28% year-over-year to $2.1 billion, missing the analysts' estimates of $2.21 billion. The gross profit margin narrowed by 210 basis points to 24.3%, and operating expenses increased by 11%.
On a positive note, GameStop managed to beat the earnings per share expectations, reporting a loss of $0.61 per share, compared to the analysts' estimates of $0.68 loss per share.
Furthermore, the company's board of directors resolved to allocate a portion of the company's cash reserves to purchase Bitcoin, in addition to other digital currency wallet technologies. This move signals a new chapter for GameStop, which has been struggling to adapt to the changing retail landscape.
Dollar Tree Edges Up 3.1% on Beating Earnings
Shares of Dollar Tree rose slightly in after-hours trading on Wednesday after the discount retailer reported better-than-expected fourth-quarter earnings and announced plans to sell its Family Dollar stores.
For the quarter, Dollar Tree reported earnings per share of $1.54, beating the average analyst estimate of $1.41 per share, according to Benzinga. The company also reported revenue of $8.04 billion, compared to the average estimate of $7.96 billion.
The discount retailer also announced that its board of directors had authorized a new share repurchase program of up to $2 billion of common stock.
Humacyte Shares Soar on Positive Clinical Trial Results
Humacyte shares skyrocketed in after-hours trading on Wednesday after the company announced that it had received positive top-line results from a pivotal clinical trial of its bioengineered blood vessels.
The company said that the trial, which was conducted by the U.S. Food and Drug Administration, met its primary endpoint of showing a statistically significant improvement in the rate of occlusion-free primary endpoints at six months in patients treated with Humacyte's products, compared to the standard of care.
The trial also met all of its secondary endpoints, including a significant reduction in the risk of major adverse events and a rapid return to normal daily activity in patients treated with Humacyte's products.
"These top-line data from the pivotal U.S. FDA trial represent a significant milestone in Humacyte's journey to develop and bring to market best-in-class cellular therapies for patients in critical need," said Humacyte CEO, Robert L. Cohen.
Tech Sector Sells Off as Nvidia, Tesla Shares Decline
In after-hours trading on Wednesday, shares of Nvidia pulled back slightly after the company reported better-than-expected fourth-quarter earnings and announced plans to lay off workers.
For the quarter, Nvidia reported earnings per share of $0.32, compared to the average analyst estimate of $0.27 per share, according to Benzinga. The company also reported revenue of $6.03 billion, compared to the average estimate of $5.9 billion.
Later in the session, Tesla shares fell in after-hours trading following a report from China's Xinhua news agency.
According to the report, the China Banking and Insurance Regulatory Commission and other regulators met with representatives of major U.S. investment institutions earlier this month to discuss cooperation and address concerns raised by the institutions regarding the business environment in China's capital markets.
The U.S. institutions expressed worries about the stability of the Chinese stock market and suggested that the country could learn from the U.S. experience in terms of securities law enforcement and investor protection.
The report comes amid heightened tensions between the U.S. and China, particularly in the technology sector.
GameStop's Bitcoin move and struggles
The company's
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- Circle Internet Financial, the Entity Behind the USD Coin (USDC) Stablecoin, Is Taking a Significant Step Towards Public Markets
- Apr 01, 2025 at 06:10 pm
- Circle Internet Financial, the entity behind the USD Coin (USDC) stablecoin, is taking a significant step towards public markets, tapping investment banking giants JP Morgan Chase and Citi
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- Key Insights: A Reuters report notes that President Donald Trump's family in January gained control of World Liberty Financial (WLF), a crypto venture that raised over half a billion dollars.
- Apr 01, 2025 at 06:00 pm
- The move comes after the company sold governance tokens, known as WLFI, which entitle holders to vote on the project's direction. Despite the project's high profile, World Liberty has yet to launch a public platform, raising questions about its governance structure and future operations.
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