GameStop raises $1.5 billion in convertible bonds to purchase Bitcoin

According to The Block, video game retailer GameStop announced on Tuesday that it has raised $1.5 billion through a private placement of convertible bonds and plans to use the proceeds to purchase Bitcoin. The company's filing with the US Securities and Exchange Commission (SEC) shows that it has completed the issuance of $1.5 billion senior convertible bonds with a maturity of 2030 and a coupon rate of 0.00%, including the underwriters fully exercising $200 million over allotment option. This move is consistent with Strategy's strategy of shifting towards Bitcoin acquisition in August 2020.