Video game retailer GameStop said Tuesday that it has raised $1.5 billion from a private offering of convertible notes, which it plans to use to buy bitcoin.

In a filing with the U.S. Securities and Exchange Commission, the company said it had completed its previously announced private offering of $1.5 billion in 0.00% convertible senior notes due 2030, including the full exercise of the initial purchaser’s option to buy an additional $200 million in notes.

While last week's GameStop announcement initially sent its shares higher, the longtime meme stock has since fallen, signaling investors are perhaps skeptical of the company's plan to add bitcoin as a treasury asset. GameStop’s move mirrors Strategy’s pivot to bitcoin acquisitions in August 2020. 

"GameStop clearly sees the model and relative success of Strategy,” Nathan Cox, CIO of Two Prime Digital Assets, told The Block, adding that with over $4 billion in cash on hand and $3.8 billion in revenue in 2024, GameStop’s ability to scale its bitcoin holdings could be significant.

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