GameStop fumbled the bag for 2 reasons :

1/ They raised $1.3bn through a convert in March but did not deploy them immediately into BTC despite already holding $4bn in cash. They only bought $500M and at a price much higher than what they could have when they received the convert proceeds. There is a reason Saylor "apes local tops" instead of trying to outsmart the market.

2/ They are completely opaque on their strategy. Do they want to follow the MSTR playbook ? Do they not ? It's unclear. Why would they raise twice through convertible bonds if they are not deploying all their cash into BTC ? No clarity in their plan = no trust from investors