GameStop’s pivot to Bitcoin seems to have backfired?

GameStop's market value dropped by nearly 3 billion on March 27 after announcing plans to use proceeds from a 1.3 billion convertible debt offering to buy Bitcoin. Initially, the news caused a 12% surge in GameStop’s stock on March 26, but investor sentiment quickly reversed as concerns grew about the company’s business model and the risks of investing in volatile assets like Bitcoin. Source: Cointelegraph