Games retailer GameStop (GME) has raised an additional $450 million through additional sales of Zero Coupon Convertible Senior Notes.
This latest move follows the issuance of $2.25 billion in private bonds last week, raising total capital to $2.7 billion.
Additional notes were sold in the full exercise of the 13-day green shoe option granted to the first investor. The Notes scheduled for 2032 are convertible to GameStop Class A common stock of $28.91 per share, a premium of 32.5% of the volume-weighted average of the stock at the initial offer on June 12th.
GameStop said it will use capital raised for general corporate purposes and in line with the company's investment policy, including investments in digital assets such as Bitcoin (BTC) as Treasury reserves.
The company follows a similar path to cryptocurrency strategies pursued by the strategy led by Michael Saylor, and participates in a class of public companies that adopt practices that maintain crypto-preparation. GameStop implemented its strategy in May by purchasing 4,710 Bitcoin for around $500 million, following a $1.3 billion bond offer.
*This is not investment advice.
