GameStop Raises $1.5 Billion, Plans Bitcoin Acquisition

GameStop has successfully completed a $1.5 billion convertible senior note sale, as disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday. The offering, initially announced with a $1.3 billion target, was expanded by an additional $200 million in notes sold through an option available to initial purchasers. The notes, set to mature on April 1, 2030, brought in approximately $1.48 billion in net proceeds after deductions.

The company plans 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 previously indicated its intention to add Bitcoin to its list of acceptable treasury assets before launching the offering. This move mirrors the strategy employed by MicroStrategy, a publicly traded business intelligence firm that has amassed over 528,000 BTC, becoming the largest corporate holder of the cryptocurrency since 2020.

GameStop CEO Ryan Cohen recently shared a photo alongside MicroStrategy Chairman Michael Saylor, a well-known Bitcoin advocate, further signaling the company's interest in digital assets. Despite early enthusiasm around GameStop’s crypto ambitions, investor reaction to the company’s decision to raise additional debt was mixed. The stock rebounded slightly on Tuesday, closing 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. The company'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. Kentucky Governor recently 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, with Oklahoma’s Strategic Bitcoin Reserve Act (HB 1203) recently passing the House with a 77-15 vote and awaiting a Senate decision. 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.