GameStop shares sink 11% after BTC purchase

Shares of GameStop and Trump Media and Technology Group tumbled on May 28 as investors reacted to both companies’ newly announced Bitcoin purchases.

Shares of video game and collectibles retailer GameStop dropped nearly 11% on May 28 after the company announced its first Bitcoin purchase, triggering a classic sell-the-news reaction.

The stock closed at $31.21 on the New York Stock Exchange, according to Google Finance.

The company announced the purchase of 4,710 Bitcoin (BTC) valued at roughly $513 million on May 28. GameStop confirmed plans to create a BTC treasury strategy on March 26, following months of investor speculation and rumors that it would begin accumulating the cryptocurrency.

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