GameStop’s Bitcoin Blunder: Investors Laugh All the Way to the Bank! 😂💸

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What to know:

  • On this fateful Thursday, GameStop’s stock took a nosedive of nearly 6%, bringing its two-day decline to a staggering 20%—all thanks to the grand reveal of its initial bitcoin acquisition. Who knew crypto could be so dramatic?
  • The company now holds 4,710 bitcoin, a treasure trove worth over $500 million. But hey, who’s counting? 💰
  • In a plot twist worthy of a soap opera, GameStop announced its bitcoin treasury strategy back in March, followed by a $1.3 billion capital raise. Because why not throw money at a digital currency?

GameStop (GME) shares plummeted another 6% on Thursday, as investors decided to sell the news faster than you can say “cryptocurrency.” It’s like a game of hot potato, but with stocks!

On Wednesday morning, the company proudly announced its acquisition of 4,710 bitcoin—a long-awaited move tied to its crypto treasury strategy. It’s almost as if they were waiting for the right moment to drop the mic.

But wait! The stock took a dive shortly after, coinciding with a broader market meltdown due to the Trump Liberation Day tariff announcements. Talk about bad timing! Shares had previously soared over 60% in the weeks leading up to the Wednesday announcement. Guess they peaked too soon!

The current decline—now nearing 20%—could simply be investors cashing in after the big run-up, or perhaps they’re just tired of corporate bitcoin treasury strategies flooding the market like a bad sequel.

Moreover, GameStop’s acquisition of “just” around $500 million in bitcoin (with no dates or prices disclosed, of course) might leave some feeling a bit underwhelmed, especially considering the company’s $1.3 billion capital raise and several billion in free cash already sitting pretty on the balance sheet. With a market cap of $14 billion, this bitcoin purchase feels like a drop in the ocean.

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2025-05-29 22:42