GameStop buys 4,710 bitcoins amid $1.3 billion bond offering
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GameStop, the world’s largest video game retailer, has purchased 4,710 Bitcoins, the company announced, without disclosing the purchase price. At today’s price of roughly $108,900 per Bitcoin, the total value of the purchase would be around $513 million.
The move comes as GameStop continues to reinvent itself beyond its struggling retail core and meme stock status. The crypto investment was revealed just after the company priced $1.3 billion in zero-coupon senior convertible notes due in 2030, offered in a private placement to qualified institutional buyers.
An additional $200 million in convertible notes may also be issued, pending the exercise of an overallotment option.
The move comes as GameStop continues to reinvent itself beyond its struggling retail core and meme stock status. The crypto investment was revealed just after the company priced $1.3 billion in zero-coupon senior convertible notes due in 2030, offered in a private placement to qualified institutional buyers.
An additional $200 million in convertible notes may also be issued, pending the exercise of an overallotment option.