Video game and consumer electronics retailer GameStop has increased its planned private convertible note offering to $2.25 billion, signaling a deeper commitment to building out its corporate Bitcoin treasury.
GameStop upsized its private convertible note offering to $2.25 billion on Thursday, with the sales of the notes expected to close on June 17.
The video game retailer expects to raise approximately $2.23 billion, or $2.68 billion if the initial purchasers exercise their option to purchase additional notes in full.
The notes are set to mature on June 15, 2032. This marks a near $500 million upsizing from the initial $1.75 billion note offering that GameStop announced on Wednesday.
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The over $2 billion financing round comes two weeks after GameStop announced the purchase of 4,710 Bitcoin (BTC) valued at roughly $513 million on May 28, two months after the firm confirmed plans to create a BTC treasury strategy on March 2.
GameStop plans to use the $2.25 billion for “general corporate purposes, including making investments in a manner consistent with GameStop’s Investment Policy,” which may signal more Bitcoin investments from the video game giant.
The video game retailer is already the world’s 11th largest corporate Bitcoin holder behind Galaxy Digital Holdings, Bitbo data shows.
Strategy, the world’s largest corporate Bitcoin holder, has also been leveraging similar debt financing strategies to buy more Bitcoin. On June 6, Strategy announced an upsized stock offering of nearly $1 billion, quadrupling the previous $250 million, Cointelegraph reported.
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GameStop shares plunge 22% after note upsizing
GameStop’s shareholders are seemingly unhappy with the $2.25 billion raise despite Bitcoin’s potential to bolster a company’s balance sheet.
GameStop’s share price fell over 22% on June 12 after the initial $1.75 billion round was announced, Google Finance data shows.
GameStop’s share price has been lacking upside momentum since the company reported mixed earnings results for the first quarter of 2025.
GameStop reported revenues of $732.4 million year-to-date, lower than analyst estimates of $754.2 million and a 17% decline compared to its $881.8 million revenues at the same time last year. IG Bank attributed this to slowing physical game sales.
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