GME News & Events

The bitcoin treasury model is maturing from passive accumulation into active balance-sheet management. MARA converts bitcoin directly into debt reduction while GameStop pivots its year-old bitcoin position into a yield overlay, and a new crypto-backed mortgage product signals that digital asset collateral is entering mainstream housing finance. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.MARA SELLS 15,133 BTC TO RETIRE CONVERTIBLE NOTES AT A DISCOUNT:MARA Holdingsdisclosing it sold 15,133 BTC, valued at approximately $1.1B, between March 4–25 to fund a private repurchase of about $1B face value of its 0% convertible senior notes due 2030 and 2031, bought back at a combined $88M discount to par. This is the largest single-miner bitcoin sale on record. MARA shares are up 5% today even as bitcoin slides 3.4%, a divergence the market is reading as balance-sheet discipline. The $88M discount capture retires dilutive debt below face value, improving book value and reducing future dilution risk.BETTER AND COINBASE LAUNCH FIRST CRYPTO-BACKED CONFORMING MORTGAGE:Better Home & Financeand Coinbase, Fannie Mae–conforming mortgage in the U.S., allowing homebuyers to pledge bitcoinor USDCas collateral without liquidating crypto holdings. Coinbase One members are eligible for up to $10,000 in origination rebates. Fannie Mae's implicit acceptance of crypto-linked collateral is a structurally significant development for mortgage finance and signals new custody fee revenue for Coinbase.GAMESTOP PLEDGES 4,709 BTC TO COINBASE CREDIT AS COVERED CALL COLLATERAL:Exactly one year after adopting bitcoin as a treasury reserve asset, GameStopretaining just one bitcoin in unrestricted custody, per Sherwood News. The company simultaneously disclosed a $131.6M unrealized loss on its digital asset holdings and its lowest holiday-quarter revenue in 20 years. For equity analysts, the shift from a simple buy-and-hold treasury posture to an active yield-overlay structure introduces counterparty risk and options assignment risk, and Coinbase is the direct beneficiary, receiving the collateral and earning fees through its Credit product.PRICE ACTION:As of time of writing, bitcoin was trading at $69,012.82, while ether was trading at $2,066.19,.

Gordon Haskett head of event-driven research Don Bilson recalls that Gamestop (GME) Chairman and CEO Ryan Cohen let investors know in late January that he was ready to make a "very big" acquisition in the consumer space and contends that a note in the 10-K filed Tuesday confirming that the company "posted approximately $0.7 billion of cash into an account of the Company that is pledged as collateral for certain existing and potential cash or physically settled derivative transactions" is a signal that "he has put the wheels in motion." The firm added in its note: "You might be thinking $700m isn't that much, but given the leverage GME might have layered on top of its commitment, it figures that Cohen owns very substantial economic exposure to a particular name. The billion dollar question is what name that might be. Previously, we have thrown Best Buy's (BBY) name against the wall and we did see some prime broker action in that name during Q4 but that doesn't square with GME saying it put its money to work after its fiscal year ended. Whatever Cohen may have bought should stand out like a sore thumb when the counter-party files its 13F in mid-May or discloses a five percent position via a 13G filing."

Skepticism crept into the "pathway to Iranian conflict offramp" narrative that boosted risky assets on Monday, and stocks fell on Tuesday, with Communication Services and Tech - particularly software names - suffering some of the bigger losses.  Tuesday evening, however, Israeli media reported that US negotiators are seeking a one-month ceasefire with Tehran as the two sides hammer out a status quo amenable to both administrations - the White House is hoping to secure promises of commitment from Tehran not to develop a nuclear arsenal or to support rogue militias in exchange for helping the country develop a nuclear program for energy use.  Separately, the WSJ also reported that mediators from Turkey, Egypt and Pakistan are working to secure a dialogue between Tehran and Washington.  S&P 500 futures reopened up 0.7% on the latest developments while WTI Crude Oil retreated further below $89 per barrel.Among notable movers afterhours, Braze spiked 20% after the company's better than expected Q4 revenue with above-consensus top-line guidance.  KB Home, however, was lower after a Q1 earnings miss, with homes delivered falling 14% from last year and average selling price compressing to $452,100, from $500,700, sending housing gross margins down to 15.5% from 20.3%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Brazeup 20.1%Paysignup 2.7%ALSO HIGHER -Robinhood Marketsup 1.9% after announcing $1.5B buybackDOWN AFTER EARNINGS -Abscidown 14.1%Velo3Ddown 9.3%KB Homedown 4.2%Worthington Enterprisesdown 2.6%GameStopdown 0.2%ALSO LOWER -Forgent Power Solutionsdown 10.6% after equity offeringDigitalOcean Holdingsdown 8.4% after equity offering