为什么GameStop（GME）股票在确认其第一个比特币（BTC）购买后跌幅20％

建立战略比特币储量的趋势通常会立即使公司受益，最著名的是股票价格上涨。但这不是GameStop的股票发生的事情。

The trend of companies establishing strategic Bitcoin reserves has often benefited them immediately, most notably with an increase in their stock prices.

建立战略比特币储量的公司的趋势通常会立即受益，最著名的是股价上涨。

However, that wasn’t the case with GameStop (NYSE:GME) and its stock.

但是，GameStop（NYSE：GME）及其股票并非如此。

The price of the stock has dropped by 20% since the company confirmed its first Bitcoin purchase on May 28.

自该公司确认5月28日首次购买比特币以来，该股票的价格下跌了20％。

So why did the market react so negatively to GameStop’s move?

那么，为什么市场对GameStop的举动如此负面反应呢？

Why Investors Responded Poorly to GameStop's Fundraising

为什么投资者对GameStop的筹款作用反应不佳

In late May, GameStop drew attention by spending $513 million to buy 4,710 BTC. This marked a bold step for the company to diversify its portfolio. It became the 13th-largest public holder of Bitcoin.

5月下旬，GameStop花费了5.13亿美元购买4,710 BTC，引起了人们的注意。这标志着该公司使其投资组合多样化的大胆一步。它成为比特币的第13大公共持有人。

Later, the company announced a plan to offer $1.75 billion in senior convertible notes privately. This move is expected to strengthen GameStop’s capital base. But the announcement did not say what the company would use the funds for.

后来，该公司宣布了一项计划，私下提供17.5亿美元的高级可转换票据。这一举动有望加强GameStop的资本基础。但是该公告没有说公司将使用这些资金来做什么。

Many investors assumed that the new capital might go toward further Bitcoin purchases. After the announcement, GameStop’s stock dropped 6%, falling from over $30 to $28.50.

许多投资者认为，新资本可能会用于进一步的比特币购买。宣布后，GameStop的股票下跌了6％，从30美元以上下降到28.50美元。

From the price on May 28—the day GameStop revealed its Bitcoin acquisition—the stock has declined by 20%.

从5月28日的价格（GameStop揭示其比特币收购）起，该股票下跌了20％。

The Q1 2025 earnings report from GameStop added to the pressure. The company reported a 17% year-over-year revenue drop, falling short of analyst expectations.

GameStop的第一季度2025收入报告增加了压力。该公司报告说，同比收入下降了17％，没有分析师的预期。

“Net sales were $732.4 million for the period, compared to $881.8 million in the prior year’s first quarter,” the company said in its report.

该公司在报告中说：“该期间的净销售额为7.324亿美元，而上一年的净销售额为8.818亿美元。”

This lackluster performance and the uncertainty over the raised capital have dampened investor enthusiasm for GameStop’s stock.

这种乏味的表现和对筹集资金的不确定性抑制了投资者对GameStop股票的热情。

In contrast to GameStop, Metaplanet’s shares soared by 5,000% following an ambitious Bitcoin treasury strategy. A positive earnings report bolstered this stock rally. It highlights the importance of Bitcoin accumulation and new revenue growth to sustain the stock’s upward momentum.

与GameStop相反，在雄心勃勃的比特币国库策略之后，Metaplanet的股票飙升了5,000％。积极的收入报告加强了这一股票集会。它强调了比特币积累和新的收入增长的重要性，以维持股票的向上势头。

GameStop’s current situation reflects the tension between its ambition to innovate and the pressure from traditional markets. Accumulating Bitcoin could lead to major gains if the crypto market surges. However, it also exposes the company to risk, especially as investor trust erodes.

GameStop的当前情况反映了其对创新的野心与传统市场的压力之间的张力。如果加密货币市场激增，累积比特币可能会带来重大收益。但是，这也使公司面临风险，尤其是随着投资者信托的流行。

Recently, Sygnum warned that Bitcoin acquisition vehicles relying on leveraged risk could cause market instability. Such strategies could trigger liquidations and even insolvencies.

最近，Sygnum警告说，依靠杠杆风险的比特币采集车可能会导致市场不稳定。这样的策略可能会引发清算甚至破产。