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.

GameStop said it plans to raise more debt — a move that could indicate another bitcoin purchase is looming for the videogame retailer and original meme stock.

Shares of GameStop, the video game retailer that recently pivoted to Bitcoin investment, plummeted on Thursday after the company announced a plan to raise $1.75 billion in debt financing from investors,