GameStop Just Went Full Crypto–And Wall Street Is Panicking
GameStop (NYSE:GME) just dropped a bombshelland investors are reeling. The company announced it’s ditching more of its retail footprint and diving headfirst into Bitcoin (BTC-USD), raising $1.3 billion via zero-coupon convertible bonds to buy the cryptocurrency as a treasury reserve asset. Shares initially surged 14% on the buzz, but that excitement didn’t last long. Within 24 hours, the stock nosedived nearly 25% at 2.07pm, giving back all its gains and then some. While retail traders lit up the meme-stock boards, analysts were quick to question whether this pivot is a bold reinventionor a desperate roll of the dice.
Let’s not sugarcoat it: GameStop’s core business is bleeding. Sales fell 28% year-over-year, and it’s closed a…
