GameStop has announced an additional capital raise of $450 million through the sale of convertible bonds. This transaction is part of a broader financing strategy.
Additional Capital Raise
GameStop reported that it has raised an additional $450 million through the sale of zero-coupon convertible senior notes. This statement was made in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday. This move follows last week's issuance of $2.25 billion in private bonds, bringing the total capital raised to $2.7 billion.
Utilization of Raised Funds
GameStop stated that the capital raised will be used for general corporate purposes and in line with the company's investment policy, which includes investments in digital assets like Bitcoin.
GameStop's Strategy in Cryptocurrency Market
GameStop joins public companies adopting the practice of holding crypto reserves. This strategy involves purchasing Bitcoin as treasury reserves. Specifically, GameStop purchased 4,710 Bitcoins for about $500 million following its $1.3 billion bond offering in May.
GameStop's strategy for capital raising and investment in cryptocurrencies underscores the company’s adaptation to modern financial conditions and investor interests.
