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Retail company GameStop has announced plans to raise up to $1.3 billion to buy Bitcoin for its treasury. This comes just a day after the company announced BTC’s addition to its treasury reserve holdings.
GameStop To Raise $1.3 Billion To Buy Bitcoin
In a press release, GameStop revealed plans to raise up to $1.3 billion to buy Bitcoin. The company announced that it intends to offer $1.3 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers.
The retailer company also intends to grant the initial purchasers of the notes an option to purchase, within a 13-day period beginning on and including the date on which the notes are first issued, up to an additional $200 million aggregate principal amount of notes.
GameStop stated that it expects to use the net proceeds from the offering for general corporate purposes, including acquiring Bitcoin in a manner consistent with the company’s Investment Policy. This move comes just a day after the company updated its investment policy to add BTC as a treasury reserve after the board’s approval.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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