GameStop, Metaplanet, and MARA Lead Bitcoin Adoption Wave

Public firms are increasingly adding Bitcoin to their capital plans, as evidenced by recent moves by GameStop, Metaplanet, and MARA Holdings. GameStop closed a $1.5 billion convertible debt issue, using some of the proceeds to buy Bitcoin and stablecoins as additions to the treasury reserve holdings. The action is a manifestation of GameStop's latest fondness for cryptocurrency after earlier efforts, including its crypto wallet.

Metaplanet listed on Tokyo has added to its Bitcoin reserves by buying an additional 160 BTC worth around $13.2 million, taking the total to 4,206 BTC. The firm plans to aggressively build its Bitcoin reserves up to 10,000 BTC in the fourth quarter of 2025 and up to 21,000 BTC by 2026 through the use of financial instruments like bonds and derivatives.

MARA Holdings, the large U.S. Bitcoin mining company, is seeking to raise as much as $2 billion in stock sale to further accumulate its reserves of Bitcoin and for general corporate purposes. Having a treasury of 46,374 BTC worth around $3.9 billion, MARA is seeking to become a prominent institutional holder of Bitcoin. These tactical actions by public corporations are indicating increasing institutional adoption of Bitcoin, even in the face of regulatory uncertainty and market volatility.