GameStop Corp. shares were tumbling Thursday after the company announced that it plans to raise more debt — a move that could indicate another bitcoin purchase is looming for the videogame retailer and original meme stock.

GameStop, the videogame retailer that became famous as a meme stock in the Covid-19 pandemic, was plunging early Thursday. The main reason is because it announced plans to raise money that could be used to fund its new corporate strategy of buying Bitcoin.

Said investment policy is to add bitcoin as a treasury reserve asset, according to a March release from the company. Today's offering, only open to qualified institutional buyers, includes an option for purchasers to buy an additional $250 million in notes within two weeks of the initial issuance,