GameStop CEO Acknowledges Proposal to Convert $5 Million to Bitcoin as Treasury Asset

The cryptocurrency gaming sector continues to evolve rapidly with major developments across established retailers and blockchain gaming platforms. This week saw GameStop potentially considering Bitcoin adoption, significant updates to popular crypto games, and new blockchain infrastructure aimed at expanding the Web3 gaming ecosystem.

GameStop Acknowledges Bitcoin Proposal

Ryan Cohen, CEO of GameStop, has acknowledged receipt of a proposal from Strive Asset Management recommending the video game retailer convert $5 million from cash reserves into Bitcoin. The investment firm suggests this move would establish GameStop as the "premier Bitcoin treasury company in the gaming sector."

Strive’s letter argues that Bitcoin presents a superior alternative to holding cash, which it describes as a "shrinking asset" due to inflation. The proposal references recent accounting rule changes that allow companies to recognize unrealized Bitcoin gains as profit, enhancing its appeal as a treasury asset.

On Tuesday, Cohen simply posted "Letter received" without further elaboration. GameStop did not respond to requests for comment from Decrypt. The retailer previously ventured into cryptocurrency with its now-discontinued NFT marketplace, and Cohen recently shared a photo of himself with MicroStrategy‘s Michael Saylor, whose company holds nearly $47 billion in Bitcoin.

Off the Grid Expands With Major Update

Popular Avalanche-based shooter Off the Grid has released what it describes as its "biggest update yet," unlocking a new region of the game map alongside fresh gameplay features.

Midtown Harbour, characterized as an "industrial hell hole," represents the first step in unlocking the remaining 80% of the game’s Teardrop Island map. Within this new region, players can engage with a Mexican gang called Nuestros Diablos to capture hexes, which can then be exchanged for weapons, cyberlimbs, or skins.

The update also introduces the game’s first side mission centered around a DJ booth, where players compete for dominance to earn loot and experience points. Additionally, players can now equip the MaxiGun cyberlimb, essentially a mini gatling gun arm attachment for combat.

Hamster Kombat Launches Dedicated Layer-2 Network

Telegram crypto game Hamster Kombat has established its own layer-2 network, "The Hamster Network," which launched on The Open Network (TON) last Tuesday.

The new blockchain infrastructure promises to deliver fast and scalable capabilities for games and crypto applications with "negligible cost per transaction." Developed in collaboration with TON, the Hamster Network aims to onboard more of Telegram’s nearly one billion users into the cryptocurrency ecosystem through interactive mini apps and games.

This network launch follows the recent introduction of the HamsterVerse, which will encompass multiple games built around the Hamster Kombat ecosystem.

Additionally, Xai Play announced early access beginning in March, offering a platform that will reward players for their achievements in games like Balatro and Street Fighter 6. The system will connect to users’ Steam profiles to track gaming progress and provide real-world incentives.

Edited by Andrew Hayward

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