The Daily: GameStop upsizes offering to $2.25 billion amid bitcoin treasury push, Walmart and Amazon weigh issuing stablecoins, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.It's Friday! Bitcoin briefly fell 5% to below $104,000, and Ethereum slid 10% under $2,500 overnight after Israel launched airstrikes on Iran, escalating regional conflict and sparking a flight from risk assets.In today's newsletter, GameStop upsizes its private offering to $2.25 billion despite yesterday's stock slump, Walmart and Amazon consider issuing stablecoins, the U.S. Senate schedules a final GENIUS Act vote for June 17, and more.Meanwhile, Coinbase sees a bullish crypto outlook for 2025 but flags longer-term "systemic risks" from leveraged corporate bitcoin bets.Let's get started.GameStop upsizes offering to $2.25 billion amid bitcoin treasury plansGameStop announced the pricing of its private offering of zero-coupon convertible senior notes late Thursday, upsizing the deal from $1.75 billion to $2.25 billion.The company also granted initial buyers a 13-day option to purchase up to an additional $450 million in notes, with the sale expected to close on June 17.GameStop expects to raise around $2.23 billion in net proceeds from the offering — or $2.68 billion if the full overallotment option is exercised — after deducting fees, commissions, and expenses.The struggling video game retailer intends to use the proceeds for general corporate purposes, including potential acquisitions aligned with its investment policy.In March, GameStop updated that policy to include bitcoin as a treasury reserve asset, then raised $1.5 billion through convertible notes in April.On May 28, GameStop disclosed it held 4,710 BTC (currently worth nearly $500 million) following its first set of bitcoin purchases.The initial $1.75 billion plan, announced late Wednesday, did not seem to go down well with investors, as GameStop's stock plunged 25% at one point on Thursday.GME is currently trading up 3.3% on Friday, according to TradingView.Walmart and Amazon become latest firms to consider issuing stablecoinsWalmart and Amazon are reportedly weighing U.S. dollar-backed stablecoin launches to reduce payment friction, speed up settlement, and lower costs tied to traditional financial rails, according to the WSJ.However, their plans hinge on regulatory clarity, with the GENIUS Act stablecoin bill nearing a final Senate vote as part of President Trump's push for crypto legislation by August.The multinational companies join a slew of Big Tech firms, including Apple, X, Airbnb, Google, and Uber, in exploring stablecoin adoption, while Stripe, Visa, and Mastercard are at more advanced stages of integrating the technology.The stablecoin market recently topped $250 billion, with Treasury Secretary Scott Bessent projecting it could hit $2 trillion by 2028 if legislation passes.US Senate schedules final GENIUS Act vote for June 17The U.S. Senate is scheduled to hold a final vote on the GENIUS Act next Tuesday to decide the federal framework for stablecoins and their issuers.The bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandating annual audits for issuers with more than $50 billion in market capitalization.If passed, the GENIUS Act will head to the House of Representatives for further voting, which is also advancing its own stablecoin legislation, the STABLE Act.Both the Senate and House must reach a consensus on their respective bills, which currently differ on issues such as state and federal regulation of stablecoin issuers, as well as the oversight of foreign issuers like Tether.SharpLink buys $463 million in ETH despite sharp share price dropNasdaq-listed affiliate marketing firm SharpLink Gaming announced Friday it had bought 176,270.69 ETH ($463 million), making it the second-largest known holder after the Ethereum Foundation.The purchase was funded by a $425 million private investment in public equity offering led by Consensys, with backing from Pantera, Galaxy, and Electric Capital, alongside an additional $79 million raised through its $1 billion ATM equity program as of June 12.The news follows a more than 70% plunge in SharpLink shares during Thursday's after-hours trading after it filed an S-3 registration with the SEC to allow the potential resale of millions of common shares, spooking investors.Ethereum co-founder, Consensys CEO, and SharpLink Chairman Joseph Lubin called the filing routine and not a signal of immediate selling, blaming the market panic on a misunderstanding.Nevertheless, SharpLink shares remain down around 68% on Friday, per TradingView.SEC officially scraps Gary Gensler-era DeFi exchange, custody rule proposalsThe SEC formally scrapped several Gensler-era proposals late Thursday that would have imposed stricter regulations on the crypto industry.Withdrawn rules included a plan to broaden the definition of exchanges to cover DeFi and an extended crypto custody rule that risked pushing banks further from the sector.Under new Chair Paul Atkins, the agency is taking a more crypto-friendly stance compared to the "regulation by enforcement" approach of his predecessor, with calls to uphold self-custody as a core American right.Looking ahead to next weekUK and Eurozone CPI inflation data are out on Wednesday, followed by the U.S. Federal Reserve's latest interest rate decision. The Bank of England announces its interest rate decision on Thursday.An FOMC press conference is scheduled for Wednesday.BTC Prague kicks off on Thursday.Starknet, Sei, Arbitrum, ApeCoin, EigenLayer, and Sonic are among the crypto projects set for token unlocks.Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. 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