u.today
26 March 2025 17:16, UTC
Videogame retailer GameStop, which was at the epicenter of the meme stock mania of 2021, has announced that it intends to issue $1.3 billion of convertible notes. The 0.00% notes will mature in 2030.
The company has stated that the proceeds from the debt offering will be used for "general corporate purposes," which include buying Bitcoin.
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As reported by U.Today, the videogame retailer recently amended its investment policy to adopt Bitcoin as a reserve asset.
With its convertible note offering, GameStop is clearly taking a page out of Strategy's pioneering debt-for-Bitcoin playbook.
However, the market does not seem to be impressed, with GameStop (GME) shares plunging by 5.5% in after-hours trading after gaining more than 11% on Wednesday due to the company's Bitcoin pivot.
