#GameStop Stock Drops 10% Despite $1.75 Billion Fundraise After $BTC Purchase


Meme stock retailer GameStop has announced plans to raise $1.75 billion through convertible notes after secretly buying 4,710 $BTC.


$GME shares plummeted 10% to $25.64 in after-hours trading despite the company's aggressive #Bitcoin accumulation strategy.


GameStop purchased $512 million worth of $BTC between May 3 and June 10, following MicroStrategy's corporate treasury playbook.


The zero-interest convertible notes mature in 2032, with proceeds earmarked for investments and potential acquisitions.


CEO Ryan Cohen previously hinted at $BTC purchases through a strategic photo with MicroStrategy's Michael Saylor.


GameStop now holds $4.7 billion in cash reserves, up from just $921 million the previous year.


The fundraise signals potential for even larger #cryptocurrency purchases as the company pivots toward digital assets.

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June 11, 2025 at 11:23 PM
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