GameStop Completes $1.5 Billion Convertible-Note Raise With Bitcoin Among Permitted Uses
GameStop completed a $1.5 billion convertible-note offering after adopting an investment policy that permitted Bitcoin purchases, creating a financing bridge between the retailer's balance sheet and its new Bitcoin treasury strategy.
On April 1, 2025, GameStop completed a private offering of $1.5 billion in zero-coupon convertible senior notes due 2030. The total included the full exercise of an additional $200 million purchase option. The financing followed the company's late-March decision to update its investment policy to permit Bitcoin as a treasury reserve asset.
In its offering materials, GameStop said the net proceeds could be used for general corporate purposes, including the acquisition of Bitcoin consistent with the new policy. The financing therefore did not itself represent a Bitcoin purchase, but it created a large pool of capital explicitly available for that purpose.
The transaction became the financing stage of GameStop's move into Bitcoin treasury management. The company later disclosed its first Bitcoin acquisition in May 2025, making the April note sale an important intermediate step between board authorization and actual deployment of capital.