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GameStop shares tumble as investors question bitcoin pivot

Shares of GameStop fell more than 15% on Thursday after the company's plan to finance its bitcoin pivot raised questions about the timing of its move and its strategy to turn around its struggling retail business.
GameStop shares experienced a significant decline, dropping nearly 20% in a single trading session, as investors expressed skepticism over the company's strategic pivot towards cryptocurrency, particularly Bitcoin. This move was highlighted by GameStop's announcement of a partnership with FTX, a major cryptocurrency exchange, aiming to integrate crypto payments and potentially launch its own digital assets. However, the market's reaction was negative, with concerns about the company's core business model, which has been struggling with declining physical sales and an uncertain future in the digital gaming space. The pivot to crypto is seen by some as a desperate attempt to find new revenue streams, but it has raised doubts about GameStop's long-term strategy and financial stability, leading to a sharp sell-off by investors.

Read the Full Reuters Article at:
[ https://www.msn.com/en-ca/money/topstories/gamestop-shares-tumble-as-investors-question-bitcoin-pivot/ar-AA1BMAhH ]