GameStop-Themed Memecoin Takes Sharp U-Turn, Tanks 94% After Company's New Debt Offering To Buy Bitcoin

Benzinga
03-27

A cryptocurrency named after GameStop Corp. GME, which jumped more than fivefold due to the firm’s Bitcoin BTC/USD treasury strategy, dramatically reversed course on Wednesday.

What happened: BNB Chain BNB/USD-based GameStop Coin (GME) tanked 94% in the last 24 hours, wiping out all of the gains from the previous day’s 467% rally. The meme coin exhibited rapid, short-lived rallies before eroding its entire value. 

It must be noted that the meme coin isn’t related to GameStop in any way but merely capitalizes on the hype surrounding the meme stock.

See Also: Jim Cramer Applauds GameStop For Acting On His ‘Bitcoin Ploy,’ CEO Ryan Cohen Can’t Help But React

Why It Matters: The pullback mirrored the movement of GameStop's shares, which tumbled 7.62% in after-hours trading after the company announced a $1.3 billion convertible debt offering.

The offering allows investors to convert bonds into a predetermined number of shares on or before April 1, 2030, potentially diluting shareholders' value.

In a recent filing, GameStop approved adopting Bitcoin as a treasury reserve asset and stated that it intended to support the purchases using cash, future debt, and equity issuances.

Price Action:   At the time of writing, GME was exchanging hands at $0.0001375, down 94% in the last 24 hours, according to CoinMarketCap.

Before the after-hours plunge, GME shares closed 11.7% higher at $28.36 during Wednesday’s regular session, according to data from Benzinga Pro.

The stock demonstrated high momentum—a measure of a stock's relative strength based on its price movement patterns and volatility—as of this writing.  Visit Benzinga's Edge Rankings score to identify stocks with a higher momentum score.

Photo by Avi Rozen on Shutterstock

Read Next: 

  • XRP Has Outshone Bitcoin, Ethereum This Year With Impressive 17% YTD Gains — Will It Reclaim The Third-Largest Crypto Spot?
BTCGrayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest
$38.46-1.59%

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免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。

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