Embattled video game retailer turned meme stock GameStop announced Wednesday that it plans to offer $1.75 billion worth of convertible senior notes to investors, seemingly in a bid to raise funds for additional Bitcoin purchases.

GameStop Plans $1.75 Billion Raise 

GameStop is set to offer a $1.75 billion convertible senior note offering.

The notes, which carry no interest, will mature in June 2032, the US video game and consumer electronics retailer said, adding that the offering’s conversion price will be determined later. 

The offering includes an option for initial purchasers to buy an additional $250 million in notes within two weeks of the initial issuance. Notably, the notes are only available to qualified institutional buyers

The company didn’t explicitly say in the blog post that the proceeds would be used to fund additional Bitcoin purchases, but said it plans to make investments in a manner consistent with GameStop’s investment policy in addition to potential acquisitions. Gamestop announced in March that it had updated its investment policy to include Bitcoin’s use “as a Treasury Reserve Asset.”

GameStop’s move to adopt the world’s oldest and largest crypto as a treasury reserve asset reflects a growing trend among public and private companies turning to Bitcoin to safeguard cash reserves or reposition themselves as Bitcoin acquisition vehicles.

GameStop Recently Purchased $500 Million in BTC

GameStop completed its initial offering of convertible senior notes in early April, a $1.5 billion offering that left GameStop with $1.48 billion in net proceeds.

Part of the proceeds was used to scoop up 4,710 Bitcoin — worth $513 million at the time — on May 28. The company’s 4,710 Bitcoin stash currently positions it as the 13th largest corporate Bitcoin holder, according to data tracked by BitcoinTreasuries.NET.

However, GameStop’s shares have tumbled over 9% from $28.36 since the company signaled that it plans to accumulate Bitcoin on March 26.

The latest offering follows GameStop’s latest earnings report, which shows lackluster year-over-year sales. Moreover, its first-quarter revenue fell 17% to $732.4 million, down from $881.8 million a year ago.

After falling more than 5% in Wednesday’s trading session, the company’s stock dropped another 10% in after-hours trading following the poor Q1 earnings. 

Will GameStop’s Bitcoin-buying plan ultimately be the catalyst that snaps GME shares out of the downtrend?

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Filed under: Bitcoin - @ June 12, 2025 1:28 pm