Gamestop Raising $1.3B to Advance Bitcoin Strategy, Echoing Michael Saylor’s Blueprint

Gamestop Corp. (NYSE: GME) announced on March 26 that it intends to raise $1.3 billion through a private offering of convertible senior notes, aiming to tap into institutional investment under Rule 144A of the Securities Act of 1933. The Texas-based company also revealed that it may grant initial purchasers the option to acquire an additional $200 million in notes within 13 days of issuance. These zero-interest, unsecured notes will mature on April 1, 2030, and the principal will not accrete over time.

The company explained:

Gamestop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin in a manner consistent with Gamestop’s Investment Policy.

A key development accompanying the offering came one day earlier, when the board of directors approved a shift in the company’s investment policy. According to the announcement, the board “unanimously approved an update to its investment policy to add bitcoin as a treasury reserve asset.” The updated guidelines state: “The company’s investment policy permits investments in certain cryptocurrency assets, including bitcoin and U.S. dollar-denominated stable coins.” According to its financial statements, Gamestop reported year-end cash and cash equivalents of $4.757 billion.

The notes will be convertible into cash, Class A common stock, or a mix of both, depending on the company’s election. Final terms such as the conversion rate and redemption rights will be determined at pricing, based on the U.S. composite volume weighted average price of Gamestop’s Class A shares between 1:00 p.m. and 4:00 p.m. Eastern.

Gamestop’s strategy bears resemblance to one already used by Microstrategy (Nasdaq: MSTR), which recently rebranded as Strategy. The software intelligence firm has accumulated approximately 506,137 BTC as of March 23. Strategy used a combination of equity offerings and convertible debt to fund its digital asset acquisitions. Executive Chairman Michael Saylor calls Gamestop’s bitcoin move “a step in the right direction.” Gamestop’s plan underscores a broader trend of corporations leveraging debt instruments to gain exposure to cryptocurrency.

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