GameStop to raise $1.3B to buy Bitcoin - Breaking The News
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GameStop to raise $1.3B to buy Bitcoin

EPA-EFE/ERIK S. LESSER

GameStop Corp. announced on Wednesday that it intends to offer $1.3 billion of 0.00% convertible senior notes in a private offering, due in 2030. In addition, the company said it would grant the initial purchasers the possibility to buy up to an $200 million aggregate principal amount of notes.

"GameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop’s Investment Policy," the company said in a statement. It was further declared that the convertible notes will not be registered under the US Securities Act or "any state securities law".

The announcement marks GameStop's foray into the cryptocurrency market shortly after the company's board approved a plan to add Bitcoin to its strategic financial holdings.

After-hours trading saw the company's stock fall 6.91% at 4:44 pm ET following the announcement.

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