GameStop Eyes Bigger Bitcoin Bet with $1.75B in Zero-Interest Notes

GameStop is doubling down on its pivot toward crypto. On Wednesday, the company unveiled plans to issue $1.75 billion in 0.0% convertible senior notes, with the potential to raise an additional $250 million, signaling a possible deepening of its involvement in Bitcoin.

While the official use of proceeds is labeled as “general corporate purposes,” the announcement follows GameStop’s March decision to include Bitcoin as a treasury reserve asset—fueling speculation that the funds may be used to bolster its crypto holdings. That speculation gained traction after GameStop revealed on May 28 that it had bought 4,710 bitcoin following a $1.5 billion convertible note raise in April.

This latest move comes on the heels of disappointing first-quarter results. GameStop posted $732.4 million in revenue, down 17% from $881.8 million during the same period last year. With weakening sales and mounting pressure from investors, the company appears to be betting on digital assets and potential acquisitions to reorient its strategy.

The market response was swift. GameStop shares dropped over 5% during regular trading and slid another 10% in after-hours, erasing some of the momentum recently generated by renewed interest from meme stock influencers like Keith “Roaring Kitty” Gill and the WallStreetBets community.

As GameStop explores crypto-centric strategies, it joins a growing cohort of over 100 publicly traded companies now holding Bitcoin on their balance sheets. Whether this shift pays off remains to be seen—but the message is clear: the retailer is no longer just playing games.