GameStop announced plans for a private offering of $1.3 billion in convertible senior notes, aiming to use the proceeds for general corporate purposes, including to invest in Bitcoin. Shares of the videogame retailer and meme stock fell 18.

The company said Tuesday its board voted unanimously to raise $1.3 billion to purchase Bitcoin, while simultaneously closing a “significant number” of retail stores. Although the news was greeted with a 14% same-day stock bump,

GameStop shares dropped 22% after announcing plans to raise $1.3 billion through convertible bonds to buy Bitcoin. The company will issue 46 million new shares,