GameStop

• A blockchain token designed to track the price of GameStop Corp. (NYSE: GME).

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional, round-the-clock price exposure without opening a foreign brokerage account.

• Founded: 1984, as Babbage's

• Headquarters: Grapevine, Texas, United States

• CEO: Ryan Cohen (also chairman)

• Listed on: NYSE (GME)

• Sector: Specialty retail

• GameStop is a video game and consumer electronics retailer undergoing a shift away from physical stores.

• It holds a large cash and treasury position relative to its operating business, and added bitcoin as a treasury asset in 2025.

• The stock has a history of trading on retail sentiment rather than fundamentals, and moves can be extreme.

• Hardware and accessories are the largest sales category.

• Software sales are declining as games shift to digital downloads.

• Collectibles are a growing category.

• Interest on its large cash balance has become a meaningful source of income.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• It holds a large cash and investment position.

• Store closures and cost cuts have improved profitability.

• Its bitcoin treasury adds optionality outside retail.

Cons:

• Physical game sales face long-term decline.

• The stock is driven heavily by retail sentiment.

• Convertible notes could dilute shareholders.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.