GameStop Stock Soars 234% on NYSE as Trading Restrictions Imposed Due to Short Squeeze

BlockBeats News, March 28th, according to Cointelegraph, GameStop stock (GME) faced trading restrictions on the New York Stock Exchange as short interest surged 234% in a 24-hour period.

This morning, in the U.S. stock market, GameStop closed yesterday with a drop of over 22%, and after-hours it is up by 4.12%, with a market capitalization currently at $9.876 billion.

Yesterday, GameStop announced plans to privately issue $1.3 billion of 0.00% convertible senior notes due in 2030 to eligible institutional investors. Depending on market conditions, the company may also authorize the initial purchasers to buy up to an additional $200 million of notes within a 13-day period. GameStop stated that the proceeds from the offering will be used for general corporate purposes, including potentially investing in Bitcoin in accordance with the company's investment policy.