GameStop-Themed Memecoin Takes Sharp U-Turn, Tanks 94% After Company's New Debt Offering To Buy Bitcoin

Group 1 - A cryptocurrency named GameStop Coin (GME) experienced a dramatic decline of 94% in 24 hours, erasing previous gains of 467% [1][4] - The meme coin is not officially related to GameStop but leverages the hype surrounding the meme stock [2] - GameStop's shares fell by 7.62% in after-hours trading following the announcement of a $1.3 billion convertible debt offering, which could dilute shareholder value [3] Group 2 - GameStop has approved the adoption of Bitcoin as a treasury reserve asset and plans to support purchases through cash, future debt, and equity issuances [4] - At the time of reporting, GME was trading at$0.0001375, down 94% in the last 24 hours, while GME shares closed 11.7% higher at $28.36 during regular trading [4]