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.