GameStop Completes Stock Offering, Now Has $1.5B to Purchase Bitcoin

GameStop reported the completion of its $1.5 billion private offering of Convertible Senior Notes due 2030 and full exercise of the initial purchaser's option to purchase an additional $200 million, in an April 1 SEC filing.

The offering made a direct reference to Bitcoin in the "Proceeds" section, explaining that GameStop will utilize some of the net proceeds for Bitcoin purchase, in addition to other general corporate objectives.

This implies that some of the $1.48 billion worth of net proceeds from the convertible notes may be used to buy Bitcoin (BTC).

Another Corporate BTC Buyer Enters the Market

This sale acts as a loan, with GameStop borrowing money and agreeing to repay by the maturity date in 2030.

The "Senior" label guarantees that these notes are senior to other debts in case of bankruptcy, and the "Convertible" aspect provides for holders to convert the notes into company shares rather than receive cash repayment.

In late March, GameStop's board voted unanimously to amend its investment policy to include Bitcoin (BTC). The firm now joins MicroStrategy, Tesla, and Metaplanet as a corporate Bitcoin investor.

GameStop Stock Gains, But Bitcoin Remains Unmoved

Since the beginning of the week, GameStop’s stock (GME) has climbed nearly 7%, briefly trading below $21 before recovering. Despite this, GME remains down 28% in 2025 but has doubled in value year-over-year.

However, Bitcoin’s price reaction has been muted.

Even with GameStop’s BTC announcement and Tether’s Q1 Bitcoin acquisition worth $735 million, BTC remains range-bound.

BTC rose to an intraday peak of $85,438, but subsequently dipped to about $84,300 in the Wednesday morning Asian session.

On a week-to-date basis, Bitcoin has lost 3.5%, with the overall crypto market capitalization standing at $2.8 trillion, a 17.5% drop from the beginning of the year.

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