Traders are working on the post office, in which Gamestop is traded on the ground on the New York Stock Exchange on June 12, 2024.
Brendan McDermid | Reuters
Gamestop The stocks fell on Thursday and suffered their greatest loss since June after the retailer announced for the video game to increase debts to buy Bitcoin.
The meme stock fell by 22.1% after a rally of the previous session of almost 12%. The reversal was carried out after the video game chain had announced plans to collect 1.3 billion US dollars in 2030 by selling Cabrio Senior notes to buy Bitcoin.
On Tuesday, the Gamestop board unanimously approved a plan for the purchase of cryptocurrencies with corporate cash or future debt and equity revenues, which repeated a step that was famous by Microstrategy.
After the latest sale, a round of the convertible debt requires 46 million additional shares from Gamestop, which increases the company's cash from around 4.8 billion dollars compared to around 4.8 billion US dollars.
“We suspect that Gamestop's share price becomes lower before the convert of the convert, especially in view of the fact that a convert investor receives a zero voucher and has the confidence that the Gamestop -Meme phenomenon continues for five years,” said Pachter, who has an underperform for gamestop for Gamestop, said for customers.
The analyst is doubtful that Gamestop's foray after Bitcoin after Microstrategy's Playbook will be just as successful due to the already high evaluation of the share.
Gamestop currently has a value of $ 12.7 billion and more than twice as high as after the convertible edition. In contrast, Microstrategy acts with less than the two -time value of the Bitcoin stocks.
“With Gamestop, which is already traded with more than twice, it is unlikely that the conversion of cash into Bitcoin will achieve an even greater premium,” said Pachter.
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