Welcome to This Week in Crypto! We’re back with the latest moves shaking up the world of Bitcoin and beyond. Whether you’re just starting your crypto journey or already riding the wave, we’ve got you covered with the biggest stories.

Here’s a quick look at what’s making headlines this week:

  • GameStop goes crypto: The retail giant’s stock jumps after revealing plans to buy Bitcoin.
  • Strategy doubles down: Michael Saylor’s firm scoops up $1.9B in Bitcoin during a market dip.
  • California leads on Bitcoin rights: A new state bill could guarantee crypto protections for nearly 40 million residents.

Let’s dive into the details.

GameStop Stock Surges After Announcing Bitcoin Plans

GameStop saw its stock jump nearly 12% after announcing a bold move into Bitcoin. The company revealed plans to buy Bitcoin and other digital assets using a mix of its cash reserves and new debt. To help fund the purchase, GameStop is offering $1.3 billion in convertible notes, a type of debt that can be turned into company stock.

  • GameStop said it will use the proceeds from the debt offering for “general corporate purposes,” including buying Bitcoin.
  • As of February 1, the company held $4.77 billion in cash, a huge jump from $921.7 million the year prior.
  • GameStop is joining a growing list of publicly traded companies putting Bitcoin on their balance sheets—32 firms currently hold BTC, according to CoinGecko.

This strategy follows in the footsteps of companies like Strategy (formerly MicroStrategy), whose stock surged over 3200% since adopting Bitcoin in 2020. Whether GameStop sees the same kind of investor enthusiasm remains to be seen, but its move signals growing momentum for Bitcoin in the corporate world.

Michael Saylor’s Strategy Makes Massive $1.9B Bitcoin Purchase

Strategy, the company led by Bitcoin advocate Michael Saylor, has bought another 22,000 Bitcoin during a recent market dip. The purchase cost nearly $2 billion and came despite growing investor concerns around economic uncertainty and a potential new tariff announcement from President Donald Trump. With this move, Strategy has cemented its position as the world’s largest corporate holder of Bitcoin.

  • The company bought 22,048 BTC for $1.92 billion at an average price of $86,969 per Bitcoin.
  • Strategy now holds over 528,000 Bitcoin, worth over $35.6 billion, with an average purchase price of $67,458.
  • The company’s Bitcoin holdings are currently up more than 21%, with over $7.7 billion in unrealized profit.

This aggressive buy shows Strategy’s long-term confidence in Bitcoin, even during uncertain market conditions. Saylor continues to double down on crypto as a core part of the company’s treasury strategy.

California Proposes New Bill to Protect Bitcoin and Crypto Rights

California lawmakers are pushing forward new legislation that could secure crypto rights for nearly 40 million residents. Assembly Bill 1052, originally introduced as the “Money Transmission Act,” has been amended to focus on protecting the rights of Bitcoin and crypto users. If passed, the bill could make California a national leader in digital asset legislation and self-custody protections.

  • The bill would guarantee Californians the right to self-custody their digital assets and use them as legal payment in private transactions.
  • It would prevent public entities from restricting or taxing digital assets solely because they are used as a form of payment.
  • AB 1052 also includes ethics rules, prohibiting public officials from promoting or investing in crypto assets if it creates a conflict of interest.

California’s efforts are part of a larger wave of crypto legislation sweeping the U.S. According to Bitcoin Law, 95 Bitcoin-related bills have been introduced across 35 states, including 36 Bitcoin reserve bills still under consideration. Recent highlights include Kentucky’s new Bitcoin Rights law and Texas’ Senate passing a strategic Bitcoin reserve bill. With California’s large population and major crypto firms like Ripple, Solana Labs, and Kraken headquartered in the state, the bill’s passage could help shape national crypto policy.

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