GameStop Raises $1.5 Billion in Private Offering for Bitcoin Investment
GameStop raised $1.5 billion through a private offering, as per SEC filings. The funds were invested in 0.00% convertible senior notes due April 1, 2030, priced at $1,000 each.
- No interest will be accrued on the notes.
- The initial conversion rate is set at 33.4970 shares per $1,000, with shares valued at $29.85.
- Notes cannot be redeemed before April 6, 2028, and may be redeemed if stock trades at 130% of the conversion price for a specified period.
- Investors can request repurchase of notes after April 2028 or following a fundamental change.
- Notes are unsecured and carry default risks, including missed payments and insolvency.
- Conversion may require issuance of up to 69 million shares.
GameStop may join top Bitcoin holders, potentially accumulating over 17,700 BTC at a current price of $84,400.
- Strategy holds 528,185 BTC, valued at $44.5 billion.
- Tether has accumulated 8,888 BTC, totaling 92,647 BTC worth $7.64 billion.