Summary
- Lingerie Fighting Championships (LFC) aims to acquire $2.23 million in Bitcoin over the next six months.
- The CEO drew inspiration from GameStop’s $512 million Bitcoin purchase in May.
- Following the lead of major public companies, several firms have begun investing in Bitcoin recently.
A unique mixed martial arts league, Lingerie Fighting Championships, is set to invest in Bitcoin, emulating the successful strategy of large companies like MicroStrategy. However, the LFC attributes its decision not to MicroStrategy or its founder, Michael Saylor, but rather to video game retailer GameStop’s recent involvement in Bitcoin.
On Thursday, LFC announced plans to acquire $2.23 million worth of Bitcoin over the next six months. Shaun Donnelly, the league’s founder and CEO, shared that GameStop’s Bitcoin investment in late May fueled this venture.
Donnelly mentioned, “There have been times when we’ve followed GameStop’s lead in our history. Their stock rallies have occasionally benefitted us. So, I’ve been monitoring them.” The league recognizes the trend of public companies acquiring Bitcoin as an opportunity to engage in the cryptocurrency market before it becomes limited.
Notably, LFC, which features all-women bouts, began exploring Bitcoin purchases about a month ago. Donnelly observed the increasing popularity of Bitcoin treasuries among various organizations, prompting this strategic decision. He believes that if Bitcoin rises in value significantly, it could yield significant benefits for the league.
Donnelly noted that while researching cryptocurrencies, Bitcoin stood out as the most influential choice. His organization remains open to partnerships with crypto companies and considers integrating cryptocurrency payments on their website.
Ultimately, Donnelly is optimistic yet prudent, stating LFC won’t depend on Bitcoin for primary revenue. Existing revenue streams from their YouTube channel and upcoming live events will help mitigate any risks associated with cryptocurrency volatility.
