GameStop Prices Bitcoin Notes at $29.85
GameStop (GME) has established the pricing for its private offering of $1.3 billion in convertible senior notes, paving the way for the company to add bitcoin (BTC) to its balance sheet. The zero-coupon notes, which will mature in 2030, will convert initially at a rate of 33.4970 shares per $1,000, with an initial conversion price of about $29.85 per share.
Closing at $22.09 at the conclusion of Thursday’s trading session in New York, GameStop (GME) saw the bitcoin notes priced at a roughly 35% premium over its most recent closing value. Following the announcement of its BTC bond strategy, the company’s stock experienced a decrease of more than 22% during Thursday’s trading, as investors viewed the move with skepticism despite CEO Ryan Cohen framing it as a strategic shift to capitalize on the company’s substantial cash reserves.
If the offering is successful in reaching its objectives, GameStop (GME) would rank as the fourth largest corporate holder of BTC, trailing Riot Platforms (RIOT) and preceding Tesla (TSLA).
