GameStop raises $1.5 billion in convertible bonds to purchase Bitcoin

ChainCatcher news, according to Coindesk, video game retailer GameStop announced on Tuesday that it will raise $1.5 billion through a private placement of convertible bonds and plans to use the proceeds to purchase Bitcoin.

Documents filed with the U.S. Securities and Exchange Commission (SEC) show that the company has completed the issuance of $1.5 billion of senior convertible bonds due in 2030, with a coupon rate of 0.00%, which includes the full exercise of the underwriters' $200 million over-allotment option. This move is in line with Strategy's shift towards Bitcoin acquisitions in August 2020.