GameStop-Themed Crypto Skyrockets Over 500% After Retailer Announces $1.75 Billion Investment Plan
A cryptocurrency named after GameStop Corp. (NYSE:GME) blasted to triple-digit gains Wednesday after the video game retailer announced plans to raise over a billion dollars for investment purposes.
What happened: BNB Chain (CRYPTO: BNB)-based GameStop Coin (GME) soared a whopping 532% in the last 24 hours, defying the broader market correction. The memecoin recorded a significant surge in trader interest, with volume jumping by 53%.
GME outperformed blue-chip cryptocurrencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE), which fell 1.21% and 2.30%, respectively.
Note that the token is unrelated to GameStop and merely seeks to capitalize on the hype surrounding the meme stock.
See Also: Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — ‘Gold Used To Be That Money, BTC Is The Challenger’
Why It Matters: The explosive rally came after GameStop announced a proposed private offering of $1.75 billion of 0.00% convertible senior notes to institutional buyers.
The company said it intends to use the net proceeds from the offering to make investments "consistent" with its investment policy.
Notably, GameStop adopted a Bitcoin treasury strategy earlier this year and made its first purchases, about 4,700 BTC for $512.6 million, last month.
GameStop reported first-quarter revenue of $732.4 million on Tuesday, missing analyst estimates of $754.24 million. The company reported adjusted earnings of 17 cents per share, beating analyst estimates of four cents per share
Price Action: At the time of writing, GME was exchanging hands at $0.000004406 down 0.75% in the last 24 hours, according to CoinMarketCap.
Shares of GME plunged 11.2% in after-hours trading after closing 5.31% lower at $28.55 during Wednesday's regular trading session, according to data from Benzinga Pro.
GME stock recorded a high Growth score but lagged in Momentum and Value metrics as of this writing. If you want to fill your portfolio with similar high-growth stocks, visit Benzinga Edge Stock Rankings for reference.
Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading
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