GameStop has finalized a $1.5 billion sale of convertible senior notes, outlining its intention to allocate part of the capital raised towards acquiring Bitcoin for its corporate treasury.
The video game retail giant made the announcement in a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday.
Initially set with a target of $1.3 billion, the offering was expanded by an additional $200 million, made possible by an option utilized by initial purchasers.
GameStop Secures $1.48B from Convertible Notes Set to Mature in 2030
The notes, which are due to mature on April 1, 2030, generated approximately $1.48 billion in net proceeds after necessary deductions.
As per the SEC filing, GameStop plans to allocate the funds for “general corporate purposes, including the acquisition of Bitcoin,” signaling a noteworthy advancement into the realm of digital assets.
The company had previously indicated its interest by including Bitcoin among the acceptable treasury assets before the launch of this offering.
This strategic move parallels the initiatives taken by MicroStrategy, a publicly traded business intelligence firm that has led the way in corporate Bitcoin acquisitions.
Since the start of 2020, MicroStrategy has accumulated over 528,000 BTC, valued at more than $45 billion, solidifying its status as the largest corporate holder of Bitcoin.
GameStop CEO Ryan Cohen recently shared a photograph alongside MicroStrategy Chairman Michael Saylor, a prominent advocate for Bitcoin.
Ryan Cohen + Michael Saylor = BullishGameStop is sitting on $4.6B in dry powder. Buckle up. 
pic.twitter.com/B5lEgcpnDB
— Sasha Hodder (@sashahodler) February 17, 2025
While early responses to GameStop’s foray into cryptocurrency were rife with optimism, the market reaction following the announcement of increased debt was more subdued.
Shares of GME plummeted nearly 22% in value over the past week in light of the note sale news.
However, the stock experienced a slight uptick on Tuesday, closing up 1.3% at $22.61, and continued to climb an additional 1.4% during after-hours trading following the SEC’s disclosure.
GameStop’s strategic entry into Bitcoin signifies another important phase in its transition from a conventional retail entity to a more technologically oriented business.
Growing Legislative Momentum for Bitcoin Reserves Across States
GameStop’s intention to possibly acquire Bitcoin comes as numerous states advance similar legislative efforts.
To date, 41 Bitcoin reserve bills have been proposed across 23 states, with 35 currently still under review.
Kentucky recently took a step forward, as Governor Andy Beshear officially enacted House Bill 701, also known as the “Bitcoin Rights” bill, bolstering protections for digital asset users and operations within the state.
In Oklahoma, the Strategic Bitcoin Reserve Act (HB 1203), introduced by Representative Cody Maynard, has made significant progress, passing the House with a decisive 77-15 vote and now awaits consideration from the Senate.
According to Bitcoin Laws, Oklahoma is now positioned alongside Texas as a frontrunner in establishing state-level Bitcoin reserves.
Missouri is also exploring similar avenues, with a Special Committee on Intergovernmental Affairs evaluating its own proposal for a Bitcoin reserve.
In a related development, two important Bitcoin bills in Arizona successfully passed through the House Rules Committee on March 24.
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