GameStop Joins Bitcoin Treasury Trend with $1.3B Convertible Notes Offering

GameStop (GME) is doubling down on its Bitcoin (BTC) strategy, announcing a $1.3 billion convertible debt offering just 24 hours after revealing its move into BTC treasury holdings. Under the leadership of CEO Ryan Cohen, the gaming retailer plans to issue convertible senior notes due in five years, with a 0% coupon. The offering includes an option for underwriters to purchase up to an additional $200 million.

According to a company press release, the proceeds will be used for “general corporate purposes,” including the purchase of Bitcoin in line with GameStop’s newly adopted Investment Policy. This marks GameStop’s entry into a growing trend among public companies using convertible debt to fund BTC acquisitions.

By taking this approach, GameStop joins notable Bitcoin-focused firms like MicroStrategy (MSTR), Semler Scientific (SMLR), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT), all of which have used similar debt instruments to expand their BTC holdings.

Despite the bold announcement, GME stock fell 7% in after-hours trading, following an 11.7% surge during Wednesday’s regular session. Meanwhile, Bitcoin saw a minor rebound, climbing back above $87,000 after briefly dipping to $86,000.

GameStop’s pivot toward Bitcoin reflects a growing institutional appetite for digital assets and signals confidence in crypto as a long-term treasury reserve. As more companies follow suit, this trend could further legitimize Bitcoin’s role in corporate finance. Investors and crypto enthusiasts alike will be closely watching how GameStop executes its BTC strategy in the coming months.