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GameStop shares drop 12%, reversing Wednesday’s rally, on planned debt issue to buy bitcoin
GameStop shares gave back much of Wednesday’s rally after the video game retailer announced plans to raise debt to buy bitcoin. The meme stock tumbled more than 12% Thursday, following an almost 12% rally the previous session. The reversal came after the video game chain announced plans to raise $1.3 billion through the sale of convertible senior notes due in 2030 to buy bitcoin. On Tuesday, the GameStop board unanimously approved a plan to buy cryptocurrencies using corporate cash or future debt and equity proceeds, echoing a move made famous by MicroStrategy. Under the latest sale, a round of convertible debt ... (full story)
