GameStop's stocks plummeted over 15% on Thursday following concerns raised by investors regarding the company's decision to finance its shift toward bitcoin. Their plan to raise $1.3 billion through 0% convertible bonds to invest in cryptocurrency triggered skepticism about the timing and effectiveness of their strategy to revive their struggling retail business.

Despite generating excitement among retail traders, GameStop's move to purchase bitcoin as a treasury reserve asset coincided with the announcement of the closure of a significant number of additional stores, indicating ongoing challenges in their retail operations. This development led to doubts among investors about the company's underlying business prospects.

The decision to enter the bitcoin market sparked curiosity about GameStop's future direction and business model, especially amid uncertainties surrounding the fluctuating cryptocurrency market. Analysts noted that GameStop's delayed entrance into bitcoin investment might have missed more favorable opportunities in the past.

The resemblance of GameStop's debt offering for bitcoin purchase to the strategy adopted by Strategy, a major bitcoin holder, suggests a potential influence from established players in the cryptocurrency sector. However, market sentiments were not significantly uplifted by GameStop's move, leading to a downturn in their stock value.

The overall performance of GameStop in the cryptocurrency market failed to boost investor confidence, resulting in a decline of over 23% in their shares for the year.