GameStop Borrows Strategy Playbook, Plans to Raise $1.3 Billion to Buy Bitcoin

Video game retailer GameStop said on Wednesday that it plans to offer up to $1.3 billion worth of convertible senior notes to investors, taking a page straight out of Strategy's Bitcoin-buying playbook.

The Texas-based firm said in a press release that proceeds from the sale will be used for "general corporate purposes, including the acquisition of Bitcoin." The announcement comes one day after GameStop said it could purchase Bitcoin as a treasury reserve asset following an update to the company's investment policy.

Editor's note: This story is breaking and will be updated with additional details.