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GameStop Starts Bitcoin Purchases for the US Meme Coin: How Much Will It Buy? - Coin Bulletin
GameStop plans to initiate a Bitcoin purchase plan by offering $1.3 billion worth of convertible senior debt securities.
American video game retailer GameStop announced that it will offer $1.3 billion worth of zero-interest convertible senior notes to investors to initiate a Bitcoin purchase plan. These notes will mature in 2030 and will only be sold to large institutional investors. GameStop will also offer investors the option to sell an additional $200 million in notes within 13 days after the initial sale.
According to the information in the company's Q4 earnings report released last week, GameStop will update its investment policy to include Bitcoin as a treasury reserve asset. Additionally, it was stated that the company's net income as of February 1 is 131.3 million dollars, and cash reserves are 4.75 billion dollars.
GameStop's move is a continuation of the steps it has previously taken towards the crypto world. The company launched an NFT marketplace in 2022 but closed this platform in 2024 due to regulatory uncertainties. Now, it aims to make Bitcoin a strategic part of the company.
A big step for Bitcoin purchase
GameStop's CEO Ryan Cohen had strongly announced this strategy with his statements regarding Bitcoin purchases. The company will use the revenues generated from these debt securities, particularly for the purchase of Bitcoin.