GameStop (GME) announced a $1.755 billion convertible senior note offer on Wednesday as a struggling video game retailer turned Meme Stock.
According to the company’s press release, revenue will be used at least in part to “invest in a way that matches GameStop’s investment policy.” According to a March release from our company, the investment policy is to add Bitcoin as a Ministry of Finance’s protected assets.
Open only to qualified institutional buyers, today’s offering includes the option to purchase an additional $250 million memo within two weeks of its initial publication. Notes will not take any normal interest and will mature in June 2032 unless they have been previously converted or repurchased.
Following the announcement of its Bitcoin Financial Strategy in March, GameStop raised $1.3 billion through the provision of another convertible memo. The company subsequently bought 4,710 Bitcoin for around $500 million during May.
GME stocks fell 10% after trading.