GameStop's Strategic Shift Towards Bitcoin Sparks Market Turmoil

In a surprising turn of events, GameStop Corp. witnessed a dramatic 23% drop in its share price this Thursday. The plunge came right after the video game retailer unveiled its ambitious plan to raise $1.3 billion through the sale of convertible senior notes, due in 2023, with the intention to purchase Bitcoin.

Board's Unanimous Decision Leads to Market Volatility

The company's board had previously voted unanimously to include Bitcoin in its strategic financial holdings, a decision that initially boosted GameStop's shares by over 13% in yesterday's trading session. However, the excitement was short-lived as the market reacted negatively to the debt financing announcement.

At 11:35 am ET, GameStop's stock was trading at $21.7100, marking a significant 23.45% decrease from the previous day's close.