Gamestop raises 1.5B to buy Bitcoin

Gamestop raises 1.5B to buy Bitcoin

GameStop has completed a $1.5 billion convertible note offering, confirming its plan to buy Bitcoin as part of its corporate treasury strategy. The company raised more than its initial $1.3 billion target by including an optional $200 million in additional notes.

According to GameStop’s SEC filing, the offering brought in around $1.48 billion in net proceeds, which will be used for general purposes, including Bitcoin purchases. These notes will mature in April 2030. This approach mirrors the strategy used by Strategy (formerly MicroStrategy), which holds over 528,000 BTC, valued at more than $45 billion.

GameStop’s CEO recently appeared alongside Michael Saylor, Strategy’s executive chairman and a major Bitcoin advocate. Despite the bold move, investor reaction was mixed—while Bitcoin news pushed the stock up initially, shares have dropped more than 21% in the past five days. GameStop now joins a growing list of companies, including Strategy, MARA Holdings, and Metaplanet, using debt and equity offerings to boost their Bitcoin reserves.