GameStop shares plunged 22% and the company shed $3B in market cap as analysts question its decision to buy Bitcoin.

Shares of GameStop fell more than 15% on Thursday after the company's plan to finance its bitcoin pivot raised questions about the timing of its move and its strategy to turn around its struggling retail business.

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 had fallen 23% on Thursday,