GameStop shares tumbled 22% on Thursday after the company announced plans to raise $1.75 billion through convertible senior notes, according to Benzinga. While the notes are earmarked for "general corporate purposes," the language mirrors past references to Bitcoin, drawing comparisons to earlier disclosures that the company acquired 4,710 BTC. CEO Ryan Cohen said GameStop will not follow the approach of other crypto-invested firms and declined to share details about its future Bitcoin plans. Observers criticized GameStop’s strategy as chasing short-term investor hype instead of focusing on its core operational problems.
