The company said Tuesday its board voted unanimously to raise $1.3 billion to purchase Bitcoin, while simultaneously closing a “significant number” of retail stores. Although the news was greeted with a 14% same-day stock bump,

GameStop announced plans for a private offering of $1.3 billion in convertible senior notes, aiming to use the proceeds for general corporate purposes, including to invest in Bitcoin. Shares of the videogame retailer and meme stock had fallen 23% on Thursday,