GameStop wipes out $3B in market cap as stockholders question Bitcoin plan
GameStop shed nearly $3 billion in market capitalization on March 27 as investors second-guessed the videogame retailer’s plans to stockpile Bitcoin (BTC), according to data from Google Finance. On March 26, GameStop tipped plans to use proceeds from a $1.3 billion convertible debt offering to buy Bitcoin — an increasingly popular strategy for public companies looking to boost share performance. GameStop’s announcem…
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