Gate News bot news, GameStop(GME) announced the issuance of $1.75 billion in private convertible senior notes to expand its debt financing strategy, potentially providing funds for further purchases of Bitcoin. Subsequently, GME’s stock price fell 11.7% in after-hours trading.
Previously, GameStop announced a 17% decline in first-quarter revenue after hours the day before, and the GME stock price had fallen 5.34% during normal trading hours on Wednesday, to $28.55.
The company has not explicitly stated that the proceeds will be used to increase its holdings of Bitcoin, but it has indicated that, in addition to potential acquisitions, it also intends to invest in a manner that aligns with GameStop’s investment policy.
On May 28, GameStop raised $1.5 billion through convertible notes, part of which was used to purchase 4,710 Bitcoins (BTC), valued at $513 million at the time. According to data from BitcoinTreasuries.NET, GameStop currently holds 4,710 Bitcoins, making it the 13th largest corporate Bitcoin holder.
Source: Cointelegraph
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