GameStop Prices $1.3 Billion Convertible Senior Notes for Bitcoin Purchases
GameStop (GME) has priced its private offering of $1.3 billion in convertible senior notes.
- The notes are zero-coupon and due in 2030.
- Initial conversion rate is 33.4970 shares per $1,000, with a conversion price of approximately $29.85 per share.
- GME closed at $22.09 on Thursday, indicating a 35% premium over the recent closing price for the notes.
- Stock fell over 22% on Thursday as investor skepticism grows regarding the BTC strategy.
- If successful, GME would become the fourth largest corporate holder of BTC, following Riot Platforms (RIOT) and ahead of Tesla (TSLA).