GameStop's 24-hour bitcoin rollercoaster

GameStop's stock surged this morning after the retailer announced plans to invest in bitcoin... then sunk after the bell when it put the plan in motion.

• The big picture: One of the OG meme stocks, the company is trying to tap into a community of true believers in the future of crypto.

Catch up quick: GameStop said yesterday that "its board unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset."

• Its stock jumped by more than 15% this morning.

Yes, but: To acquire bitcoin, the company said it could use cash or invest proceeds from future debt and equity issuances.

• The plan, though light on details, resembles the one deployed by publicly traded MicroStrategy.

The latest: This afternoon, GameStop disclosed a proposed $1.3 billion convertible bond offering, sending shares down close to 9% in after-hours trading.