GameStop shed nearly $3 billion in market capitalization on March 27 as investors second-guessed the videogame retailer’s plans to stockpile Bitcoin ( data-ct-non-breakable=”null” href=”https://cointelegraph.com/bitcoin-price” rel=”null” target=”null” text=”null” title=”null”>BTC), according to data from Google Finance.
On March 26, data-ct-non-breakable=”null” href=”https://cointelegraph.com/news/gamestop-shares-up-bitcoin-investment-plan-debt-notes” rel=”null” target=”null” text=”null” title=”null”>GameStop tipped plans to use proceeds from a $1.3 billion convertible debt offering to buy Bitcoin — an increasingly popular strategy for public companies looking to boost share performance.
GameStop’s announcement came a day after it proposed data-ct-non-breakable=”null” href=”https://cointelegraph.com/news/gamestop-future-bitcoin-purchases-board-approval” rel=”” target=”_self” text=”null” title=”https://cointelegraph.com/news/gamestop-future-bitcoin-purchases-board-approval”>building a stockpile of cryptocurrencies, including Bitcoin and US dollar-pegged…
