GameStop completed a $1.5 billion fundraising through the issuance of convertible bonds. A portion of the proceeds will be allocated to purchasing Bitcoin and for corporate purposes.
The company’s management approved this strategy on March 25.
According to a document filed with the SEC, GameStop initially aimed to raise $1.3 billion, but investors exercised the option to purchase additional bonds worth $200 million.
The bonds issued in this transaction can be converted into company shares (GME) in the future and are due for redemption in 2030. The conversion rate is 33 securities per $1,000 of principal debt.
GameStop also plans to use part of the funds for investments in digital assets, including the stablecoin USDT.
According to the company, the size of its reserves increased more than fivefold over the year, reaching $4.7 billion at the beginning of February 2025.
On March 26, GME shares rose nearly 12% to $28.36 following the announcement of plans to invest in crypto assets. The next day, they fell by 24% to $21.68.
At the time of writing, GME is trading at $22.61.
On April 1, Tether purchased 8,888 BTC for $734 million, while Metaplanet acquired 696 BTC ($67.9 million).