GameStop finishes $1.5B raise to add Bitcoin to its balance sheet
GameStop’s board had greenlit an investment in Bitcoin and US-dollar-pegged stablecoins using the convertible debt offering and cash reserves on March 25.
Video game retailer GameStop Corporation (GME) has finished a convertible debt offering that raised $1.5 billion, with some proceeds earmarked for buying Bitcoin.
The offering was initially set to raise at least $1.3 billion, but purchasers opted for an additional $200 million aggregate principal amount of notes, GameStop said in an April 1 filing with the Securities and Exchange Commission.
“The company expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with the Company’s Investment Policy,” GameStop added.
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