GameStop Corp. shares slumped as investors responded to the company’s plans to load up on debt in order to buy Bitcoin.Most Read from BloombergThey Built a Secret Apartment in a Mall. Now the Mall Is Dying.

Shares of GameStop rose more than 8% in extended trading Tuesday after the videogame retailer and original meme-stock company announced its eagerly anticipated foray into bitcoin.

GameStop announced that its board has approved a plan to buy Bitcoin with corporate cash, following a strategy made famous by MicroStrategy.

According to a recent report, GameStop is closing down a "significant number" of stores with the intention of moving into crypto investments.

GameStop said on Tuesday that its board has unanimously approved the addition of bitcoin as a treasury reserve asset. The decision echoes that of Strategy, the largest corporate holder of bitcoin, which in February dropped the word "Micro" from its name and unveiled a new logo,

GameStop might be dying, but thanks to its unprecedented good fortunes as a meme stock, it still has a whopping $4 billion in cash reserves. The video game retail chain announced this week it now has a plan for what to do with it: plough it into Bitcoin.