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.
Trump Media and Technology Group (TMTG), the parent company of President Donald Trump’s Truth Social platform, also saw its shares plunge after announcing a $2.5 billion capital raise to purchase Bitcoin. Since the May 27 announcement, TMTG stock has dropped over 24%.
GameStop’s stock has experienced a pullback following the company’s first Bitcoin purchase. Source: TradingView
GameStop’s move to adopt Bitcoin as