Shares of Trump Media Group (ticker: $DJT) have declined sharply following the company's announcement that it is raising $2.5 billion to purchase bitcoin. The stock fell 10% initially and continued to drop, reaching a total decline of 24% after the announcement. Similarly, GameStop shares fell 12% after the company disclosed its bitcoin purchase. The market reaction contrasts with the typical positive response seen when companies disclose first-time bitcoin acquisitions, with analysts noting that cult stocks with small shareholder bases often perform poorly during large equity raises due to dilution concerns. Bitcoin itself declined about 3% following these developments.