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Fortune

Catherine McGrath

GameStop shares plummet 20% as the video-game retailer announces new capital raise after first Bitcoin purchase

GameStop Bitcoin Video Game

(Credit: Michael Nagle/Bloomberg—Getty Images)

Shares of GameStop, the video game retailer that recently pivoted to Bitcoin investment, plummeted on Thursday after the company announced a plan to raise $1.75 billion in debt financing from investors, its second such plan in the past few months.

GameStop shares have tumbled 20% since the announcement, falling from $28.50 to $23.

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