GameStop (NYSE: GME) suffered a sharp 25% drop yesterday, a sudden downturn that followed a 16% rally on March 26. The catalyst? A bold decision by the gaming retailer’s board to establish a Bitcoin treasury—joining the ranks of MicroStrategy, Metaplanet, and other corporations. Initially, the news sent GME shares soaring, as investors viewed the move as a bullish signal. However, the stock quickly reversed course and now finds itself in turbulent waters. Investor optimism over GameStop’s Bitcoin play was palpable at first. The announcement sparked excitement similar to when MicroStrategy began accumulating Bitcoin. Yet the initial rally gave way to heavy selling pressure, erasing nearly $3 billion in market value. While the company has not fully detailed its strategy or timeline for Bitcoin acquisitions, the market’s whiplash response has prompted widespread debate. GameStop’s ‘Convertible Arbitrage’ Factor On X, analyst Han Akamatsu offered an explanation rooted in parallels to MicroStrategy’s past financing methods. He began by noting: “Let me explain to you why GameStop is falling today, as far as I understand based on my MSTR experience ..
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