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According to a filing with the SEC, GameStop has stated that the funds will be used for "general corporate purposes, including the acquisition of Bitcoin". 

Circle is seeking a lower valuation of between $4 billion and $5 billion, a significant drop from the $9 billion it was aiming for in its previous attempt.

The firm has filed an S-3 registration statement with the US SEC to convert its Digital Large Cap Fund (DLC Fund) into an ETF, which would allow everyday investors to gain exposure to multiple cryptocurrencies through a traditional stock exchange.