Videogame retailer GameStop, which was at the epicenter of the meme stock mania of 2021, has announced that it intends to issue $1.3 billion of convertible notes. The 0.00% notes will mature in 2030.
The company has stated that the proceeds from the debt offering will be used for “general corporate purposes,” which include buying Bitcoin.
As reported by U.Today, the videogame retailer recently amended its investment policy to adopt Bitcoin as a reserve asset.
With its convertible note offering, GameStop is clearly taking a page out of Strategy’s pioneering debt-for-Bitcoin playbook.
However, the market does not seem to be impressed, with GameStop (GME) shares plunging by 5.5% in after-hours trading after gaining more than 11% on Wednesday due to the company’s Bitcoin pivot.
