If you were hoping for a quiet stroll past GameStop HQ, think again! The chaps at GameStop have rustled up $2.7 billion in convertible notes, causing their accountants to break out into spontaneous applause (which is, as we know, terribly un-Accountant-like). Whispers from the boardroom suggest a possible dabble in the great Bitcoin casino 🎲, but—being the mysterious sorts they are—they’ve left us guessing.
GameStop Completes $2.7 Billion Fundraise
The video game emporium, known for swapping much-loved controllers for the princely sum of tuppence, finds itself sitting on a mountain of cash—a worryingly responsible $2.7 billion, to be precise, courtesy of zero-coupon convertible senior notes. The SEC, always keen to know who’s up to what, has given a brisk nod following a $450 million “greenshoe”—which, in the language of finance, is not something you wear, but apparently buy when feeling especially bullish.
These convertible notes mature in the far-off year of 2032, just in time for the release of “Elderly Scrolls VIII: The Retirement Years.” Owners can switch them for GameStop stock at $28.91, a cheeky 32.5% premium above the average price. Bargain hunters, avert your gaze.
Potential Bitcoin Allocation on the Table
GameStop has kindly let slip that the loot may be used for “general corporate purposes”—a phrase so delightfully vague it could mean anything from buying a ping pong table to jumping into Bitcoin with both feet 🦶🦶. Back in May, they purchased 4,710 BTC, prompting the company’s CFO to take up meditation. The value of this crypto hoard has, as is the custom, wobbled a bit, now sitting at a cool $506 million.
With Bitcoin not far off $107,175, GameStop’s foray into crypto vaults them into that select group of corporations who’ve decided the best hedge against inflation is digital gold—with none of the mess of actual gold dust in the boardroom carpets.
Following, Not Copying, the Bitcoin Treasury Playbook
Rumours abound that GameStop is simply following Strategy’s playbook (the crypto strategy, not the one involving actual footballs). The rumour mill went into overdrive when CEO Ryan Cohen was seen hobnobbing with Michael Saylor, Bitcoin’s unofficial mascot, in March. However, Cohen insists—straight-faced but possibly winking all the while—
“We’re not going to call our shots in advance, we’re not following anyone else’s strategy.”
Translation: Tally-ho, but don’t expect a treasure map anytime soon. While Strategy yells about their Bitcoin buys from the rooftops, GameStop prefers to play their cards surgically close to their immaculately pressed chests.
Market Reaction Muted Despite Strategic Moves
The stock market, ever the surly uncle at the Christmas party, greeted GameStop’s Bitcoin adventures with a stony glare and promptly took the share price down by over 10% to $30.73. Even after the fundraising, the stock did its best impression of a pancake—slightly deflated—proving yet again that while the world of finance loves a good plot twist, it’s rather less keen on happy endings. 🎮💸
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2025-06-26 17:51