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.”

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

Source: Jason

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.”

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.”

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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