GameStop hints at its next bitcoin buy. The stock is tumbling.

By James RogersThe videogame retailer has proposed a $1.75 billion bond dealGameStop Corp. late Wednesday 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.The Texas-based company (GME) announced the proposed private offering of $1.75 billion of convertible senior notes after market close Wednesday.Proceeds will go to general corporate purposes "including making investments in a manner consistent with GameStop's investment policy and potential acquisitions," the company said in a statement.This is not the first time that GameStop has raised debt this year. On April 1, the company completed a $1.5 billion bond deal. It then announced its first purchase of bitcoin the following month.Related: GameStop may be a bitcoin play, but its stock is sliding on weaker-than-expected first-quarter revenueGameStop's purchase of 4,710 bitcoin tokens occurred between May 3 and June 10, the company said in a statement that accompanied its first-quarter results on Tuesday.GameStop shares were down more than 10% in the extended session Wednesday, after ending the regular trading day down 5.3% in the wake of its earnings report.Earlier this year, GameStop's board unanimously approved an update to its investment policy to add bitcoin as a treasury-reserve asset - following the same path taken by software company and bitcoin play MicroStrategy Inc. (MSTR), which now does business as Strategy.Related: Why GameStop is trying to be the next MicroStrategy with its bitcoin moveThe videogame retailer ended the first quarter with cash, cash equivalents and marketable securities of $6.4 billion, up from $1 billion at the end of the same period last year.-James RogersThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.