Bitcoin
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$82,792.00 0.43152
Bitcoin price
Ethereum
Ethereum (ETH)
$1,827.95 0.49474
Ethereum price
BNB
BNB (BNB)
$605.36 0.37025
BNB price
Solana
Solana (SOL)
$126.50 1.25034
Solana price
XRP
XRP (XRP)
$2.16 1.81231
XRP price
Shiba Inu
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$0.0000126 0.05103
Shiba Inu price
Pepe
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$0.0000071 -1.22437
Pepe price
Bonk
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$0.0000115 2.33273
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dogwifhat
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$0.443706 4.12566
dogwifhat price
Popcat
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$0.197042 7.62563
Popcat price
Bitcoin
Bitcoin (BTC)
$82,792.00 0.43152
Bitcoin price
Ethereum
Ethereum (ETH)
$1,827.95 0.49474
Ethereum price
BNB
BNB (BNB)
$605.36 0.37025
BNB price
Solana
Solana (SOL)
$126.50 1.25034
Solana price
XRP
XRP (XRP)
$2.16 1.81231
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000126 0.05103
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000071 -1.22437
Pepe price
Bonk
Bonk (BONK)
$0.0000115 2.33273
Bonk price
dogwifhat
dogwifhat (WIF)
$0.443706 4.12566
dogwifhat price
Popcat
Popcat (POPCAT)
$0.197042 7.62563
Popcat price
Bitcoin
Bitcoin (BTC)
$82,792.00 0.43152
Bitcoin price
Ethereum
Ethereum (ETH)
$1,827.95 0.49474
Ethereum price
BNB
BNB (BNB)
$605.36 0.37025
BNB price
Solana
Solana (SOL)
$126.50 1.25034
Solana price
XRP
XRP (XRP)
$2.16 1.81231
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000126 0.05103
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000071 -1.22437
Pepe price
Bonk
Bonk (BONK)
$0.0000115 2.33273
Bonk price
dogwifhat
dogwifhat (WIF)
$0.443706 4.12566
dogwifhat price
Popcat
Popcat (POPCAT)
$0.197042 7.62563
Popcat price
Bitcoin
Bitcoin (BTC)
$82,792.00 0.43152
Bitcoin price
Ethereum
Ethereum (ETH)
$1,827.95 0.49474
Ethereum price
BNB
BNB (BNB)
$605.36 0.37025
BNB price
Solana
Solana (SOL)
$126.50 1.25034
Solana price
XRP
XRP (XRP)
$2.16 1.81231
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000126 0.05103
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000071 -1.22437
Pepe price
Bonk
Bonk (BONK)
$0.0000115 2.33273
Bonk price
dogwifhat
dogwifhat (WIF)
$0.443706 4.12566
dogwifhat price
Popcat
Popcat (POPCAT)
$0.197042 7.62563
Popcat price

GameStop stock plunges over 25% intraday after announcing $1.3b Bitcoin bet

Jayson Derrick
Edited by
News
GameStop stock plunges over 25% intraday after announcing $1.3b Bitcoin bet

GameStop’s stock experienced a stock decline of over 25% intraday on Thursday.

This slump followed the announcement of a strategic pivot involving the issuance of $1.3 billion in convertible bonds to finance the acquisition of Bitcoin (BTC).

The video game retailer plans to offer these 0% convertible senior notes, maturing in 2030, in a private sale. 

The proceeds are intended for general corporate purposes, including the purchase of Bitcoin, as part of an updated investment policy approved by the company’s board earlier this week. 

GameStop shares spiked over 14% in yesterday’s aftermarket hours but opened the day at $25.78 per share and slumped to a low of $21.16 per share on the day.

Bitcoin as a treasury reserve

This move aligns GameStop with other corporations like MicroStrategy, which have integrated Bitcoin into their treasury reserves. However, the timing and execution have raised concerns among investors and analysts. 

Bret Kenwell, a U.S. investment analyst at eToro, questioned the company’s direction, stating, “There are question marks with GameStop’s model. If bitcoin is going to be the pivot, where does that leave everything else?”

The announcement also included plans to close a significant number of additional stores this year, signaling ongoing challenges in GameStop’s core retail operations. This has further fueled investor skepticism about the company’s long-term viability and strategic focus.