GameStop shares tumbled 22% on Thursday after the company announced plans to raise $1.75 billion through convertible senior notes, according to Benzinga. While the notes are earmarked for "general corporate purposes,

The video game retailer announced plans for a $1.75 billion convertible notes offering to partially fund its bitcoin purchase.

Following the March announcement of the bitcoin treasury strategy, GameStop raised $1.3 billion through another convertible note offering. The company subsequently purchased 4,710 bitcoin for roughly $500 million during May. GME shares were lower by 10% in after hours trading.