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GameStop just raised $450 million by selling zero-coupon senior notes in a follow-on sale disclosed Tuesday in a filing to the SEC. This came one week after its $2.25 billion private placement and brings total fundraising to $2.7 billion.
Investors exercised the greenshoe option allowing them to buy more notes due in 2032. These notes can be converted into GameStop shares at $28.91 per share which is a 32.5% premium over the company’s average stock price at the time of the original offer.
Proceeds will go toward general purposes and GameStop’s investment policy that includes purchasing bitcoin as a treasury reserve asset. GameStop already holds 4710 BTC acquired in May and aims to follow Michael Saylor’s strategy of issuing debt and investing in crypto to grow its balance sheet.
