GameStop Has $1.5B of Bitcoin Buying Power After Closing Convertible Note Sale
GameStop Has $1.5B of Bitcoin Buying Power After Closing Convertible Note SaleThe company last week announced its intention to add bitcoin to its balance sheet.Updated Apr 1, 2025, 8:31 p.m. UTCPublished Apr 1, 2025, 8:30 p.m. UTCBitcoin (BTC) purchases from video game retailer GameStop (GME) could be imminent or may have already begun after the company closed on its offering of $1.3 billion of five-year convertible notes.The $200 million greenshoe option was fully exercised by the initial purchaser, bringing the total amount of the sale to $1.5 billion. Net proceeds to the company after fees were $1.48 billion, according to a filing Monday after the close of U.S. trading.Alongside its fourth quarter earnings report last week, GameStop — led by its CEO Ryan Cohen — announced full board approval of an update to the company investment policy to add bitcoin to the GME balance sheet.GME shares rose 1.35% during the regular session on Monday and are up another 0.8% in after hours action. Bitcoin remains modestly higher over the past 24 hours at $84,900.Stephen AlpherStephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.X icon