There may be a limit to the strength of GameStop’s meme stock status. Shares of the videogame retailer fell 22% on Thursday, in an apparent response to its announcement late Wednesday that it would raise $1.3 billion in convertible notes to buy bitcoin. The notes don’t carry interest costs, so it’s a cheap form of financing. But GameStop doesn’t need money: It has $4.8 billion of cash on its balance sheet, most of which it raised in stock sales last year. So why the fundraising? GameStop said on Tuesday that it was updating its investment policy to allow it to invest in bitcoin, using either cash it holds or money raised from “future debt and equity issuances.” Presumably the money it already has on its balance sheet isn’t enough for its planned big bitcoin splash. Since Chewy co-founder Ryan Cohen joined GameStop’s board in 2021—later becoming CEO—the GameStop stock has been a favorite of individual investors. But Cohen hasn’t been able to turn around the retailer. Sales fell 28% last year, for instance. Pivoting to bitcoin investments, just as the aging software firm Strategy (until recently known as MicroStrategy) has done, doesn’t seem to have thrilled Cohen’s fans. The excitement of this game appears to be wearing thin. https://finance.yahoo.com.. #Crypto