GameStop has announced a new offering of $1.75 billion in convertible senior notes following its recent ventures into cryptocurrency investments. The announcement came after the close of U.S. trading on Wednesday, with a significant portion of the proceeds earmarked for investments that align with the company’s investment policy, which now includes adding bitcoin as a treasury reserve asset.
Earlier this year, GameStop began a bitcoin treasury strategy, acquiring a total of 4,710 BTC for around $500 million in May. This new offering is exclusively available to qualified institutional buyers and includes an option for an additional $250 million in notes within two weeks of the original issuance, set to mature in June 2032 unless converted or repurchased sooner.
Despite the growth in its digital asset approach, GameStop’s shares fell by 10% in after-hours trading. This development comes after the company had previously raised $1.3 billion through another convertible note offering aimed at supporting its bitcoin strategy.
For more details, visit the company’s investor relations page: GameStop Press Release.
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