GameStop Just Lost $3B-And It All Started With Bitcoin - Crypto Head
However, investor enthusiasm quickly faded, leading to a in shares the next day.
Analysts attribute the sharp reversal to , which many believe remains uncertain.
According to eToro analyst Bret Kenwell, relying on Bitcoin may distract from addressing the company’s .
The sell-off also coincided with broader , as amid global economic concerns and was trading around —down 7% for the year.
GameStop joins a growing number of companies adopting , inspired by firms like , which has seen after accumulating over $30 billion in Bitcoin.
Despite the trend, GameStop’s , raising doubts about whether digital assets can meaningfully improve its .
As of now, public companies collectively hold around $58 billion in Bitcoin, but GameStop’s approach highlights the risks of following market trends without a solid foundational business strategy.
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