Summary
⚈ The speculation gained momentum after Strategy (formerly MicroStrategy) announced a new Bitcoin purchase of 1,895 BTC for $180.3 million.
⚈ Despite Nvidia’s crypto mining history, its latest earnings report focuses solely on AI and data centers, with Bitcoin trading lower at $94,168.
Social media platforms, particularly X, have been flooded with rumors suggesting that chipmaker Nvidia (NASDAQ: NVDA) might be planning to add Bitcoin (BTC) to its balance sheet.
Several reports claimed the artificial intelligence (AI) giant had already announced plans to incorporate Bitcoin, portraying the move as a strategic hedge against market volatility and fiat currency depreciation.
The rumor, which originated on May 1, quickly gained traction and was picked up by various cryptocurrency-focused blogs.
Many speculated that such a move would align with broader macroeconomic trends, such as rising inflation and the weakening purchasing power of the U.S. dollar.
The reports intensified on May 5, coinciding with news that Strategy (NASDAQ: MSTR), an early Bitcoin adopter, had acquired 1,895 BTC for $180.3 million at an average price of $95,167 in the past week.
Despite the chatter, no official confirmation from Nvidia or its executives has been made.
Moreover, the company’s recent filings with the Securities and Exchange Commission (SEC) do not mention Bitcoin. In simple terms, without an SEC filing or public statement, the claims remain unsubstantiated.
Nvidia’s Q4 2024 earnings report, which revealed $39.3 billion in revenue, also did not mention cryptocurrency investments. Instead, it focused on the firm’s developments in its core businesses of AI chips and data centers.
Nvidia past cryptocurrency involvement
That said, Nvidia has a history in the crypto space through its products. For instance, between 2016 and 2019, the company saw a significant surge in GPU sales, largely driven by demand from cryptocurrency miners.
If Nvidia were to add Bitcoin to its balance sheet, the move would likely trigger a notable market reaction.
For now, Bitcoin remains under pressure, having lost support at $95,000. The asset is currently trading at $94,168, down 1.5% in the last 24 hours and 0.3% over the past week.
Given Nvidia’s massive market presence as the world’s third-largest company, it would be interesting to see whether its stock could eventually mirror the trajectory of Strategy, whose shares have skyrocketed over 3,000% since adopting a Bitcoin strategy in 2020, outpacing Nvidia over the same period.
Featured image via Shutterstock
