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GameStop digs into the crypto world with a bold $1.75 billion offering of 0% convertible senior notes. The company also gives initial buyers a chance to grab another $250 million in notes. This move is seen as a step toward adding more bitcoin to its balance sheet and building long-term digital strength.
The gaming retailer updated its investment policy in March to include bitcoin as a treasury reserve asset. Funds raised will support general operations and future investments. GameStop previously raised $1.5 billion in April and bought 4,710 bitcoin on May 28 marking its first major crypto step.
GameStop continues to face falling revenue with a 17% drop in Q1 sales from last year. Despite a sharp decline in stock price the company signals confidence in crypto as a future path. By digging into bitcoin it joins over 100 public companies now embracing digital currency as a key asset.
