GameStop wipes out $3B in market cap as stockholders question Bitcoin plan

GameStop shed nearly $3 billion in market capitalization on March 27 as investors second-guessed the videogame retailer’s plans to stockpile Bitcoin (BTC), according to data from Google Finance. 

On March 26, GameStop tipped plans to use proceeds from a $1.3 billion convertible debt offering to buy Bitcoin — an increasingly popular strategy for public companies looking to boost share performance. 

GameStop’s announcement came a day after it proposed building a stockpile of cryptocurrencies, including Bitcoin and US dollar-pegged…