What You Need to Know:

• GameStop has successfully raised an extra $450 million after the underwriters fully exercised their greenshoe option. This raises the overall capital from the company’s mid-June convertible debt offering to $2.7 billion.
• The funds will be directed towards corporate investments, including the acquisition of Bitcoin to be held as a treasury reserve asset.
• This strategy for Bitcoin treasury began in March 2025.

Background

The video game retail giant GameStop (GME) revealed its additional funding of $450 million through a follow-on sale of convertible senior notes. This disclosure followed their earlier $2.25 billion private placement, resulting in total funding of $2.7 billion sourced from this offering, as mentioned in a recent SEC filing.

The fresh notes were sold under a 13-day option, which allowed their initial purchaser to exercise the greenshoe option completely. The notes, maturing in 2032, can convert into GameStop Class A common shares at a price of $28.91, signifying a 32.5% premium over the weighted average price at the time of the initial offering.

These funds will be allocated for general corporate purposes and investing in accordance with GameStop’s investment policy, including the purchase of Bitcoin, which as of now is priced at $107,502.17. GameStop is among a growing number of publicly traded companies adopting a crypto treasury strategy, raising capital through shares and debt to integrate cryptocurrencies such as Bitcoin into their balance sheets. This mirrors strategies employed by notable companies such as Michael Saylor’s firm, MicroStrategy (MSTR).

GameStop’s stock performance remained stable during US trading on Wednesday.