The price of GME fell sharply Wednesday following word from GameStop that it had made its first Bitcoin purchase.
James Rubin
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📝 What you need to know
Are Bitcoin treasuries a sure path to higher share prices?
Not for GameStop on Wednesday: The struggling video game retailer’s stock swan-dived after making its first Bitcoin buy.
GameStop’s (GME) price closed down nearly 11% on the day to $31.21. GME tumbled as low as $30.63 before recovering ground.
GameStop acquired 4,710 Bitcoin, valued at about $512 million when disclosed Wednesday morning. Analysts had expected the move after the company added BTC as a treasury asset in late March, and raised $1.5 billion in early April to fuel its purchases.
The purchase comes as multiple companies adopt a strategy pioneered by Strategy, formerly MicroStrategy, whose stock price has soared more about 2,800% since it pivoted from software development to Bitcoin accumulation. Other companies’ share prices have also climbed following their Bitcoin purchases. The asset has spiked roughly 15% year-to-date, trading at over $107,000, partly due to this corporate embrace.
Even with Wednesday’s dip, GME is up almost 10% over the last week and 13% over the past month.
GameStop Stock Dives After Retailer Announces $512 Million Bitcoin Buy
The price of GME fell sharply Wednesday following word from GameStop that it had made its first Bitcoin purchase.
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“The Biden administration’s department of labor made a choice to put their thumb on the scale. We're rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not D.C. bureaucrats.”
THE BTC conference in Las Vegas began. The minutes from the Federal Open Market Committee meeting, during which U.S. central bankers decided not to raise interest rates, were also discussed. Nvidia was also on the agenda.
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