GameStop (GME) has officially priced its $1.3 billion private offering of convertible senior notes, taking a significant step toward incorporating bitcoin (BTC) into its balance sheet strategy.
The zero-coupon notes, maturing in 2030, are convertible at a rate of 33.4970 shares per $1,000, translating to an initial conversion price of approximately $29.85 per share. That marks a roughly 35% premium over GameStop’s Thursday closing price of $22.09 on the New York Stock Exchange.
The move comes as part of CEO Ryan Cohen’s broader effort to reposition the company by utilizing its substantial cash reserves to gain exposure to bitcoin. However, investor sentiment appeared cautious—GameStop shares tumbled more than 22% during Thursday trading following the announcement of the BTC-linked bond initiative.
If the offering is fully subscribed and executed as planned, GameStop would become the fourth-largest corporate holder of bitcoin, ranking just behind crypto miner Riot Platforms (RIOT) and ahead of Tesla (TSLA).
