GameStop (GME) shares are returning to normal levels today following an initial rally on the announcement of fundraising plans to buy Bitcoin ( BTC ). Yesterday, GameStop announced a proposed private offering of $1.3 billion in convertible senior notes with plans to use the funds to purchase the crypto king. “GameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop’s Investment Policy.” GME rallied 14% yesterday, following the news of the company’s board approving the BTC treasury strategy, which was outlined in a U.S. Securities and Exchange Commission (SEC) filing on Tuesday. “The Board approved the addition of Bitcoin as a treasury reserve asset, alongside US dollar-denominated stablecoins, to diversify the Company’s investment portfolio… a portion of our cash or future debt and equity issuances may be invested in Bitcoin. We have not set a maximum amount of Bitcoin we may accumulate, and may sell any Bitcoin we may acquire.” Today, GME has fallen back to earth, retreating to roughly the same value as five days ago. GME is worth $24.21 at time of writing, down 14.6% on the day. Over the same period, BTC is up 0.7%, currently going for $87,310. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Digital_Art/Sensvector The post GameStop (GME) Stock Falls Following $1,300,000,000 Bitcoin (BTC) Announcement appeared first on The Daily Hodl .
