GameStop Plans $1.75 Billion Note Offering After $507 Million Bitcoin Purchase

GameStop Corp. has announced plans to raise $1.75 billion through a private offering of convertible senior notes due 2032. This move follows the company’s recent acquisition of over 4,700 Bitcoins, revealing a clear shift in its financial strategy. The company intends to issue $1.75 billion of 0.00% Convertible Senior Notes in a private sale to qualified institutional buyers. The unsecured notes will mature on June 15, 2032, and carry no regular interest. The company also gave initial purchasers the right to buy an extra $250 million in notes within 13 days. The notes may convert into cash, GameStop Class A shares, or both, depending on how the company elects to settle conversions. Specific terms such as the conversion rate and redemption provisions will be finalized at pricing. The expected reference price will be based on the U.S. composite volume-weighted average price of GameStop shares between 1:00 p.m. and 4:00 p.m. EDT on the pricing date.

Just two weeks earlier, on May 28, GameStop revealed via its official X account that it had acquired 4,710 Bitcoin. Based on data from June 12, Bitcoin is trading at $107,647, valuing GameStop’s crypto purchase at approximately $507 million. This represents a bold capital allocation, especially as the company remains in the middle of a broader turnaround. GameStop has not disclosed whether it plans to hold the asset long-term or use it as part of a broader treasury strategy.

In the June 11 announcement, GameStop stated it intends to use the offering proceeds for general corporate purposes. That includes investments aligned with its internal Investment Policy and potential acquisitions. While no specific targets have been confirmed, the company’s recent crypto purchase suggests a greater willingness to explore unconventional assets. The offering will not be registered under the Securities Act and is limited to buyers meeting Rule 144A qualifications. GameStop emphasized there is no guarantee the offering will be completed as planned.

GameStop’s recent Bitcoin acquisition and upcoming note issuance signal a deliberate pivot in financial direction. The moves reflect a growing interest in digital assets alongside traditional fundraising tools. By leveraging both, GameStop may be setting the foundation for a new era in corporate strategy, anchored by liquidity and blockchain exposure. These recent decisions suggest GameStop is pursuing long-term diversification amid ongoing transformation.