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Fortune
Fortune
Catherine McGrath

GameStop stock slides 23% after announcing strategy shift and plans to buy $1.3 billion worth of Bitcoin

(Credit: Ying Tang/NurPhoto—Getty Images)

Shares of Bitcoin. 

The company said Tuesday its board voted unanimously to raise $1.3 billion to purchase Bitcoin, while simultaneously closing a “significant number” of retail stores. Although the news was greeted with a 14% same-day stock bump, the initial excitement faded quickly. On Thursday, shares of the embattled video game retailer were down 23% over the past 24 hours. 

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