GameStop Completes $1.5B Convertible Note Sale, Plans to Add Bitcoin to Treasury
GameStop has wrapped up a $1.5 billion convertible senior note sale, confirming plans to use part of the proceeds to purchase Bitcoin for its corporate treasury.
The video game retailer disclosed the move in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
The offering, originally announced last week with a $1.3 billion target, was expanded with an additional $200 million in notes sold through an option available to initial purchasers.
GameStop Nets $1.48B from Convertible Notes Due in 2030
The notes, set to mature on April 1, 2030, brought in approximately $1.48 billion in net proceeds after deductions.
According to the SEC filing, the company intends to use the funds for “general corporate purposes, including the acquisition of Bitcoin,” marking a significant step into digital assets for the firm.
GameStop had already signaled its intent by adding Bitcoin to its list of acceptable treasury assets prior to launching the offering.
The move mirrors the strategy employed by MicroStrategy, the publicly traded business intelligence firm that pioneered corporate Bitcoin holdings.
Since 2020, MicroStrategy has amassed over 528,000 BTC—worth more than $45 billion at current prices—becoming the largest corporate holder of the cryptocurrency.
GameStop CEO Ryan Cohen recently shared a photo alongside MicroStrategy Chairman Michael Saylor, a well-known Bitcoin advocate.
Despite early enthusiasm around GameStop’s crypto ambitions, investor reaction to the company’s decision to raise additional debt was mixed.
GME shares fell sharply after the note sale was announced, dropping nearly 22% over the past week.
However, the stock rebounded slightly on Tuesday. GME closed up 1.3% at $22.61 and continued to climb another 1.4% in after-hours trading following the SEC disclosure.
GameStop’s bold step into Bitcoin marks another chapter in its ongoing transformation from a traditional retail chain into a more tech-forward enterprise.
41 Bitcoin Reserve Bills Emerge Across 23 States
GameStop’s plan to potentially acquire Bitcoin comes amid a growing wave of similar legislation nationwide.
So far 41 Bitcoin reserve bills have been introduced in 23 states, with 35 still under consideration.
Just recently, Kentucky Governor Andy Beshear officially signed House Bill 701, known as the “Bitcoin Rights” bill, into law—making the state one of the latest to enact legislation protecting digital asset users and operations.
Other states are making similar moves. Oklahoma’s Strategic Bitcoin Reserve Act (HB 1203), introduced by Representative Cody Maynard, recently passed the House with a 77-15 vote and is awaiting a Senate decision.
According to Bitcoin Laws, Oklahoma now ranks alongside Texas in second place in the race to establish state-level Bitcoin reserves.
Missouri is also in the mix, with its Special Committee on Intergovernmental Affairs reviewing its own Bitcoin reserve proposal.
In a related development, two key Bitcoin bills in Arizona cleared the House Rules Committee on March 24.