Video game retailer GameStop has filed to raise $1.3 billion through Convertible Senior Notes to fund Bitcoin acquisitions. A press release on March 26 states that the offering consists of zero-coupon convertible senior notes maturing in 2030.<\/p>\n
Investors will have the option to convert the notes into GameStop\u2019s Class A common stock at a later price, and GameStop will retain the flexibility to settle conversions in cash, shares, or a combination of both.<\/p>\n
Following the announcement, GameStop stock (GME) surged over 11% to trade at $28.36.<\/p>\n
While the debt offering aims for a $1.3 billion raise, it could go as high as $1.5 billion. As stated in the release, the company plans to give the initial purchasers the option to purchase up to $200 million in extra notes.<\/p>\n
\u201cGameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop\u2019s Investment Policy,\u201d the company said<\/a> in the release.<\/p>\n The Fortune 500 company had earlier hinted at a decision to add Bitcoin to its treasury reserve. On March 25, the company said that its board unanimously approved<\/a> an update to add Bitcoin to its investment policy. The approval came over a month after CNBC reported that GameStop is considering <\/a>investment in alternative asset classes, including Bitcoin.<\/p>\n GameStop CEO Ryan Cohen also signaled this growing interest, meeting recently with Michael Saylor, Strategy\u2019s co-founder and leading advocate for corporate Bitcoin adoption.<\/p>\n GameStop has now joined a growing list of public companies raising funds via debt instruments to acquire Bitcoin. The move is led by Strategy, a US-based software company that has bought over $40 billion worth of Bitcoin. Semler Scientific, MARA Holdings, and Riot Platforms have also taken similar routes.<\/p>\n GameStop previously explored crypto through its NFT marketplace, which launched in 2022. However, the company scaled back in 2024 due to regulatory uncertainty.<\/p>\n The post GameStop Bets Big on Bitcoin with a $1.3B Purchase Plan<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Video game retailer GameStop has filed to raise $1.3 billion through Convertible Senior Notes to fund Bitcoin acquisitions. A press release on March 26 states that the offering consists of zero-coupon convertible senior notes maturing in 2030. Investors will have the option to convert the notes into GameStop\u2019s Class A common stock at a later […]<\/p>\n","protected":false},"author":0,"featured_media":55015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-55014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/55014"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55014"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/55014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/55015"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}GameStop\u2019s Crypto Push<\/h2>\n