Walmart Unveils Plan to Invest $20 Billion in Renewable Energy Infrastructure

GameStop Raises $1.3 Billion to Buy Bitcoin, Stocks Soar

In a shocking move, GameStop, the struggling video game retailer, has announced a $1.3 billion equity raise to invest in bitcoin and other digital assets. The news sent the company's stock soaring, with shares jumping over 20% in early trading.

According to a regulatory filing, GameStop plans to use the funds to acquire and hold a diverse portfolio of digital assets, including bitcoin. The company has hired Galaxy Digital, a digital asset management firm founded by billionaire entrepreneur Mike Novogratz, to advise on the investment.

GameStop's move into the world of digital assets is a significant departure from its traditional business of selling video games and gaming hardware. However, the company's CEO, George Sherman, believes that the investment has the potential to generate significant returns and diversify GameStop's revenue streams.

"We believe that the digital asset market has the potential to be a significant source of growth and value creation for our company," Sherman said in a statement. "We are excited to be entering this new market and believe that our brand and customer base will be well-positioned to benefit from this investment."

GameStop's stock has been struggling in recent years, with the company facing increased competition from online retailers and the rise of digital game distribution. However, the company's move into the digital asset market could be a major turning point, and investors are clearly excited about the potential upside.

The news sent GameStop's stock soaring, with shares jumping from around $12 to over $15 in early trading. The company's market capitalization has also increased significantly, with the company now valued at over $2 billion.

GameStop's move into the digital asset market is not the only major development in the retail sector this week. Yesterday, it was announced that Amazon is planning to launch a new retail platform that will allow small businesses to sell their products on the e-commerce giant's platform. The move is seen as a major threat to traditional retailers, and could have significant implications for the industry.

Overall, GameStop's move into the digital asset market is a significant development that could have major implications for the company and the retail sector as a whole. As the company continues to explore new opportunities and diversify its revenue streams, it will be interesting to see how this investment plays out and what impact it has on the company's future.