GameStop shares tumble as investors question bitcoin pivot


FILE PHOTO: A screen displays GameStop stock trading information on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 3, 2024. REUTERS/Brendan McDermid/File Photo

(Reuters) - Shares of GameStop fell more than 15% on Thursday after the company's plan to finance its bitcoin pivot raised questions about the timing of its move and its strategy to turn around its struggling retail business.

The video game retailer's shares also gave up all their gains from a day earlier and were on track for their biggest one-day fall since last June, after the company said it was offering $1.3 billion in 0% 2030 convertible bonds to amass the cryptocurrency.

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