We recently published a list of 10 Stocks Crash Harder Than Wall Street. In this article, we are going to take a look at where GameStop Corp. (NYSE:GME) stands against other worst-performing stocks.
GameStop Corp. declined by 10.85 percent on Wednesday to finish at $31.21 apiece as investors resorted to profit-taking following three consecutive days of rally, while repositioning portfolios after pulling the trigger to buy $500 million of Bitcoins.
In a statement, GameStop Corp. said it purchased 4,710 Bitcoins as it looked to other industries to grow its business.
It can be learned that GameStop Corp. struggled to remain relevant amid the shifting consumer behavior in the gaming industry, pivoting to digital gaming purchases from physical ones.
A gamer playing a game on one of the specialty retail company’s gaming platforms.
Meanwhile, the $500 million forms part of the company’s $1.3 billion Bitcoin purchase program, an amount it planned to raise from offering convertible senior notes.
It can be learned that the gaming company had already ventured into cryptocurrency in 2022 with the establishment of a now-defunct cryptocurrency wallet that sent its share prices skyrocketing for days after the launch.
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This article is originally published at Insider Monkey.
