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.

Following the March announcement of the bitcoin treasury strategy, GameStop raised $1.3 billion through another convertible note offering. The company subsequently purchased 4,710 bitcoin for roughly $500 million during May. GME shares were lower by 10% in after hours trading.