GameStop plunges 23% on plans to raise debt to buy Bitcoin - Breaking The News

GameStop plunges 23% on plans to raise debt to buy Bitcoin

27 March

1 min read

EPA-EFE/ALLISON DINNER

The shares of GameStop Corp. plummeted by more than 23% on Thursday after the video game retailer announced plans to increase its debt by $1.3 billion through the sale of its convertible senior notes, which are due in 2023, in order to buy Bitcoin. Yesterday's announcement followed a unanimous vote by the company's board to add Bitcoin to its strategic financial holdings, which caused GameStop's share to jump by more than 13% during yesterday's session.

The company's stock nosedived by 23.45% at 11:35 am ET to sell for $21.7100 apiece.

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