Digital Assets Firms without business models ‘buy Bitcoin’ — Angel investor Jason Calacanis

Prominent US-based angel investor Jason Calacanis poked fun at GameStop’s decision to invest in Bitcoin.
In a March 26 X post, Calacanis suggested that buying Bitcoin (BTC) was a solution well-suited for public companies that do not have a suitable business model:

“If you’re a public company that can’t figure out a business model, buy Bitcoin! This might actually be great advice if [Strategy co-founder Michael Saylor] is gonna buy $1T in Bitcoin.”

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Still, Tomas Fanta, principal at crypto investment firm Heartcore, told Cointelegraph that there are tangible long-term benefits to holding Bitcoin on a corporate balance sheet. Among those he listed were long-term price appreciation and theoretically lower correlation to equity markets over time.

“I do disagree with the view, though, that failing companies should be using Bitcoin as the last-ditch strategy,” Fanta said.

Related: GameStop hints at future Bitcoin purchases following board approval

Is GameStop’s adoption part of a trend?

Fanta said that while “one case is not enough to gauge a broader trend,” there does appear to be such a trend:

“We may actually be witnessing one of the first experiments with corporate treasury diversification into crypto outside of tech or crypto-aligned companies such as Tesla or Coinbase.”

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Saul Rejwan, managing partner at crypto early-stage venture capital firm Masterkey, echoed the sentiment. According to him, companies are increasingly trying to secure themselves against long-term monetary shifts.

“Bitcoin’s role as a corporate reserve asset is no longer fringe; it’s becoming a legitimate play for companies that want to align themselves with a digitally-native, inflation-resistant financial future,” he said. “While not every company will follow suit, GameStop’s move joins a growing chorus,” Rejwan added.

Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan exec

Adopting Bitcoin is adapting to change

Rejwan also noted that historically successful companies often falter when they resist change — citing Nokia as an example — and said adopting Bitcoin could be viewed as a strategic adaptation:

“When done transparently and with proper risk management, Bitcoin can bring long-term resilience to corporate balance sheets — especially for brands with low time preference and strong alignment with digital-native values.”

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This idea was also repeated by Georgii Verbitskii, founder of crypto investment app TYMIO, who said that GameStop “could well become the example the market is waiting for.” He added:

“Adding Bitcoin to a corporate balance sheet isn’t just speculative — it has real, long-term upside if executed properly.”

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