GameStop Adds $450M via Debt Sale to Bolster Bitcoin-Fueled Treasury Strategy

GameStop has raised another $450 million through a follow-on sale of zero-coupon convertible senior notes, bringing its total fundraising to $2.7 billion within just two weeks. The new issuance, disclosed Tuesday in an SEC filing, was made possible by the full exercise of a 13-day greenshoe option attached to the company’s initial $2.25 billion private placement.

The notes—due in 2032—can convert into GameStop Class A shares at $28.91 per share, reflecting a 32.5% premium over the stock’s average price as of June 12.

According to the filing, GameStop intends to use the capital for corporate initiatives and strategic investments aligned with its updated treasury policy, which includes holding Bitcoin as a reserve asset. The company joined a growing cohort of public firms embracing crypto by acquiring 4,710 BTC in May for roughly $500 million, shortly after closing a $1.3 billion debt sale.

This aggressive capital raise mirrors moves made by firms like Strategy (formerly MicroStrategy), using equity and debt to build large Bitcoin positions as a financial hedge and growth bet.

GameStop shares remained unchanged in early Wednesday trading.