GameStop Secures $1.5B, Eyes Bitcoin Allocation Following Convertible Note Deal
GameStop (GME) may be gearing up for a major bitcoin play after completing a $1.5 billion convertible note sale, according to a Monday filing. The offering includes the full exercise of a $200 million greenshoe option, netting the company approximately $1.48 billion after fees.
This influx of capital arrives just days after GameStop updated its corporate investment policy to allow for bitcoin holdings — a move approved by its board and announced alongside Q4 earnings last week. With funds now in hand, market watchers speculate that BTC acquisitions could begin any day.
Led by CEO Ryan Cohen, GameStop is positioning itself as one of the latest public companies to embrace crypto as a strategic reserve asset.
Shares of GME rose 1.35% during Monday’s session and ticked up another 0.8% after hours. Bitcoin hovered near $84,900, showing mild gains over the past 24 hours.
