GameStop（GME）的股票，四面楚歌的视频游戏零售商变成了记忆纪念日，暴跌25％

GameStop（GME）的股票，四面楚歌的视频游戏零售商变成了记忆纪念日，下跌25％

Shares of embattled video game retailer GameStop (NYSE:GME) plunged 25% on Thursday, more than erasing all the gains since the company earlier this week announced it will add bitcoin (BTC) as a treasury reserve asset.

四面楚歌的视频游戏零售商GameStop（NYSE：GME）的股票在周四下跌25％，而不仅仅是该公司本周早些时候宣布将增加比特币（BTC）作为国库券储备资产。

GME fell to just above $21 during the session, trading at its lowest price since October and down over 28% from Wednesday’s peak of nearly $30.

GME在会议期间下跌至21美元以上，以自10月以来的最低价格交易，比周三的峰值近30美元下降了28％。

The price action came after the company unveiled plans late Wednesday for a $1.3 billion, 0% convertible note offering to raise money for its BTC acquisition plan. After an initial wave of euphoria among the crypto crowd, the hype died down on Thursday as investors took a closer look at the financing.

价格行动是在该公司周三晚些时候宣布计划的13亿美元，可转换票据以筹集其BTC收购计划筹集资金的计划之后进行的。在加密人群中最初引起了欣喜若狂的浪潮之后，由于投资者仔细研究了融资，炒作在周四消失了。

“Many existing shareholders dislike the move, so a switch is happening with large volume,” Louis Liu, chief investment officer of Mimesis Capital, said in an X post.

Mimesis Capital的首席投资官Louis Liu在X帖子中说：“许多现有股东不喜欢这一举动，因此大量的转变正在发生。”

The sharp sell-off may also have to do with the convertible bond pricing period, as prospective bond buyers might be selling or shorting the stock. James Van Straten, senior analyst at CoinDesk, noted that MicroStrategy (NASDAQ:MSTR) and Semler Scientific (NASDAQ:SMLR) shares also declined during pricing periods of their convertible note offerings.

急剧的抛售也可能与可转换债券定价期有关，因为潜在的债券买家可能正在出售或卖空股票。 Coindesk的高级分析师James van Straten指出，MicroStrategy（NASDAQ：MSTR）和Semler Scientific（NASDAQ：SMLR）的股票在其可转换票据产品的定价期间也下降了。

“We suspect that GameStop’s share price will drift lower prior to the issuance of the convert, particularly given that a convert investor will receive a zero coupon and will be required to have faith that the GameStop meme phenomenon will persist for another five years,” said Wedbush analyst Michael Pachter, who has an underperform rating on GME.

Wedbush分析师Michael Pachter说：“我们怀疑GameStop的股价会在发布convert依之前降低，特别是考虑到convert依的投资者将获得零优惠券，并且必须相信GameStop Meme Mememenon将持续五年。”

Pachter argued that the company is following MicroStrategy’s playbook, but MSTR trades at less than twice the value of its bitcoin, while GME trades at more than twice its cash holdings.

帕克特（Pachter）辩称，该公司正在关注Microstrategy的剧本，但MSTR的交易价格不到其比特币价值的两倍，而GME的交易价格则是其现金持有量的两倍以上。

“We expect the offering to fall flat,” Pachter continued. “We find it hard to understand why any investor would pay more than 2x cash value for the potential for GameStop to convert that cash into BTC, particularly since the same investors can invest in BTC or a BTC ETF themselves.”

“我们预计产品会平坦，” Pachter继续说道。 “我们发现很难理解为什么任何投资者都会为GameStop转换为BTC的潜力支付超过2倍的现金价值，尤其是因为同一投资者可以对BTC或BTC ETF进行投资。”

GME is only the latest Wall Street firm to convert some of its cash into bitcoin. The trend started with MicroStrategy, the company led by bitcoin proponent Michael Saylor, which years ago announced it would use its cash reserves to buy the cryptocurrency. MSTR’s success following the transition caused many other companies to follow, especially recently as U.S. President Donald Trump has promised to make the U.S. the center for digital asset development.

GME只是最新的华尔街公司，将其一些现金转换为比特币。该趋势始于Microstrategy，该公司由比特币支持者Michael Saylor领导，该公司几年前宣布将使用现金储备购买加密货币。在过渡后，MSTR的成功导致了许多其他公司的遵循，尤其是最近美国总统唐纳德·特朗普（Donald Trump）承诺将美国成为数字资产开发中心。

While Saylor has long argued for more companies, especially those with large cash reserves, and even the U.S. as a country, to adopt bitcoin as a reserve strategy, not everybody agrees.

虽然塞勒（Saylor）长期以来一直为更多的公司（尤其是拥有大量现金储备的人，甚至是美国作为一个国家）主张采用比特币作为储备战略，但并非所有人都同意。

“Gambling on companies buying Bitcoin is not a good investment strategy,” said well-known bitcoin gadfly Peter Schiff in a post on X. “$GME has lost all of yesterday’s Bitcoin-induced 15% gain. Shares are now down 2% over the two days combined. Now that all the fools have already rushed in, smarter investors are selling as they realize that wasting cash buying Bitcoin is not a viable long-term business model.”

众所周知的比特币gadfly彼得·席夫（Peter Schiff）在X上的一篇文章中说：“购买比特币的公司赌博并不是一个好的投资策略。“ $ GME损失了昨天的所有昨天比特币引起的15％收益。现在，两天的股票总共下跌了2％。在两天的总和中，所有傻瓜都已经在忙碌的投资中销售了，他们意识到了一笔不错的企业，他们意识到了一笔不错的业务。