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GameStop Stock Tumbles on Bitcoin Plans. There Can Be Only One MicroStrategy.
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GameStop announced plans for a private offering of $1.3 billion in convertible senior notes, aiming to use the proceeds for general corporate purposes, including to invest in Bitcoin. Earlier, Wedbush analysts led by managing director Michael Pachter raised their price target on the stock, noting they were impressed with a rare operating profit for the holiday quarter despite a significant drop in revenue. Pachter pointed to GameStop’s $4.8 billion in cash, which is up from $921.7 million a year earlier and which it has yet to deploy.
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