Video game and consumer electronics retailer GameStop has increased the size of its private convertible bond issuance to $2.25 billion, demonstrating a deeper commitment to its corporate Bitcoin reserves.
GameStop announced on Thursday (June 12) that it has raised the planned size of its private convertible bond issuance to $2.25 billion, with the bond sale expected to be completed by June 17.
The video game retailer anticipates raising approximately $2.23 billion, which could reach $2.68 billion if the initial purchasers fully exercise their option to purchase additional bonds.
These bonds will mature on June 15, 2032. This marks an increase of nearly $500 million from the initial $1.75 billion bond issuance announced by GameStop on Wednesday.
This financing round of over $2 billion comes two weeks after GameStop announced the purchase of 4,710 Bitcoins (BTC), which were valued at approximately $513 million on May 28, and on March 2, the company confirmed plans to create a BTC reserve strategy.
GameStop plans to use the $2.25 billion for "general corporate purposes, including investments in accordance with GameStop's investment policy," which may indicate that the video game giant will make more Bitcoin investments.
According to Bitbo data, GameStop is already the eleventh largest corporate holder of Bitcoin globally, just behind Galaxy Digital Holdings.
As the largest corporate holder of Bitcoin in the world, Strategy has also been leveraging similar debt financing strategies to acquire more Bitcoin. According to Cointelegraph, Strategy announced a nearly $1 billion increase in its stock issuance on June 6, which is four times the previous $250 million.
Despite the potential for Bitcoin to enhance the company's balance sheet, GameStop's shareholders seem dissatisfied with the $2.25 billion financing.
According to Google Finance data, GameStop's stock price fell over 22% following the announcement of the initial $1.75 billion financing on June 12.
Since the company reported mixed results for the first quarter of 2025, GameStop's stock price has lacked upward momentum.
GameStop reported year-to-date revenue of $732.4 million, below analysts' expectations of $754.2 million, and a 17% decline from $881.8 million in revenue during the same period last year. IG Bank attributed this to a slowdown in physical game sales.
Related: Gaming platform Sharplink's stock plummets 73%, $1 billion Ethereum (ETH) acquisition imminent
Original article: “GameStop's stock falls 22% after bond increase, Bitcoin (BTC) strategic funding rises to $2.25 billion”
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