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.