GameStop Locks in $1.5B War Chest, Bitcoin Buys May Already Be Underway
GameStop (GME) has secured $1.5 billion in fresh capital following the full closure of its five-year convertible note sale, including a $200 million overallotment option, according to a regulatory filing late Monday. After fees, the company nets $1.48 billion in proceeds.
The move follows last week’s announcement that the company’s board has officially greenlit a policy update allowing Bitcoin (BTC) as a treasury asset — suggesting that BTC purchases could begin imminently, or may already be in progress.
CEO Ryan Cohen is spearheading the pivot, positioning GameStop to follow in the footsteps of other corporate BTC adopters.
GME stock edged up 1.35% during Monday trading and tacked on another 0.8% after hours. Bitcoin, meanwhile, is holding firm around $84,900.
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