GameStop is taking a bold leap into the crypto space, pricing its $1.3 billion offering of convertible senior notes with a clear intent to add bitcoin to its balance sheet.
The zero-coupon notes, maturing in 2030, are convertible at a price of $29.85 per share—representing a 35% premium over GameStop’s closing price of $22.09 on Thursday. Each $1,000 note equates to 33.4970 shares.
The aggressive premium signals confidence from GameStop’s leadership, with CEO Ryan Cohen describing the move as a strategic reallocation of the company’s cash to position itself within the digital asset economy. However, the market remains cautious—shares dropped more than 22% on Thursday following the announcement.
Should the deal be fully realized, GameStop would become the fourth-largest corporate holder of bitcoin, edging out Tesla and trailing only Riot Platforms among public companies.
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