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Breaking: GameStop Raising $1.3 Billion to Buy Bitcoin
In a move that has sent shockwaves through the cryptocurrency market, GameStop Corporation announced today that it is raising $1.3 billion in convertible notes. The 0.00% notes will mature in 2030.
According to reports, the company intends to use the proceeds from this debt offering for “general corporate purposes,” which includes purchasing Bitcoin. This news comes as a surprise, given that GameStop recently amended its investment policy to adopt Bitcoin as a reserve asset.
The market’s response has been lukewarm, with shares plummeting 5.5% in after-hours trading despite GME’s impressive 11% gain on Wednesday thanks to its Bitcoin pivot.
GameStop’s decision to raise $1.3 billion to buy Bitcoin follows the same playbook pioneered by Strategy, a company that issued debt securities backed by Bitcoin in order to fund its business operations.
The cryptocurrency market has been abuzz with news of this development, as it represents one of the largest investments in Bitcoin by a major publicly traded company.
**What are your thoughts on GameStop’s decision to raise $1.3 billion for Bitcoin? Share your insights in the comments section below!
Source: https://u.today/breaking-gamestop-raising-13-billion-to-buy-bitcoin
