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GameStop shares plunge for second day after retailer buys half billion dollars' worth of Bitcoin

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Move comes as stores close and an industry shifts to digital.
On May 29, 2025, GameStop announced it had purchased $500 million worth of Bitcoin, leading to a significant drop in its stock price. The company's decision to invest in cryptocurrency was met with skepticism by investors, causing the stock to fall by 15% in after-hours trading. GameStop's CEO, Ryan Cohen, defended the move, stating that the investment aligns with the company's strategy to diversify its assets and embrace digital currencies. Despite this, financial analysts expressed concerns over the volatility of Bitcoin and the potential risks to GameStop's financial stability.

Read the Full Fortune Article at:
[ https://fortune.com/2025/05/29/gamestop-buys-a-half-billion-dollars-bitcoin-stock-falls/ ]