Following GameStop's announcement of acquiring 4,710 BTC for $505 million, the company's stock fell nearly 11%, reflecting volatility in the cryptocurrency market and concerns over its financial strategy.
GameStop's stock plummeted nearly 11% after the company announced the purchase of 4,710 BTC for $505 million, as part of a strategy to hedge against currency devaluation. This acquisition follows a trend of corporate adoption of Bitcoin, with various companies exploring similar strategies to bolster their financial positions. The market reaction underscores the volatility associated with cryptocurrency investments.