GameStop Corporation raised $1.5 billion from the sale of convertible senior notes privately, another step toward integrating digital assets like Bitcoin into its operations.
The sale, completed on April 1, 2025, raised $1.5 billion through 0% convertible senior notes. This includes an additional $200 million under the initial purchaser’s option. The notes are due in 2030 and do not bear regular interest. GameStop can convert them into common stock under specified conditions.
GameStop sets conversion rate, funds Bitcoin
The conversion rate is set at 33.4970 shares per $1,000, or $29.85 per share, a 37.5% premium. Noteholders can convert until Jan. 1, 2030, if the stock price meets specific conditions. From 2030 onwards, the holders can convert their notes at any time, regardless of market conditions.
Proceeds from the sale, after fees and costs, of $1.48 billion would be put toward general corporate purposes, including purchasing Bitcoin, according to GameStop’s investment policy. This is the latest move by the company to venture into digital currency and assets, a divergence from its video game retailing roots.
GameStop targets Bitcoin in strategic portfolio shift
GameStop plans to diversify its investment portfolio, moving closer to the digital finance era. The company laid down elaborate terms and conditions upon which redemption or buyback of the notes would occur.
GameStop can redeem the 2028 notes from 2028 onwards, provided its share price meets certain requirements. Noteholders can request the company to redeem or repurchase their 2028 notes at the principal price if a fundamental change occurs.
This sale is among several efforts GameStop is making to raise cash and become more financially agile. The company is actively managing its obligations and positioning itself in the growing digital asset market. The sale is one of a growing number of established businesses tapping the digital currency market to spur growth.
