GameStop follows Strategy’s lead with bitcoin acquisition plan, $1.3 billion note offering
Quick Take In conjunction with Q4 earnings on Tuesday, GameStop said it would update its investment policy to add Bitcoin as a treasury reserve asset. “Welcome to Team Bitcoin,” Strategy’s Michael Saylor wrote Tuesday on X.
Following in the footsteps of bitcoin treasury company Startegy, beleaguered video game retailer GameStop announced a proposed private offering of $1.3 billion of convertible senior notes to begin its new bitcoin acquisition plan.
"Welcome to Team Bitcoin," Saylor wrote Tuesday on X .
Strategy's "21/21 plan" targets a total capital raise of $42 billion in equity offerings and fixed-income securities for bitcoin acquisitions. That company has used proceeds from the sale of its class A common stock, MSTR, as well as new perpetual strike preferred stocks. Strategy now holds a total of 506,137 BTC — worth over $44 billion.
"When MicroStrategy started buying bitcoin in 2020, they had nowhere near that amount of cash," a user pointed out Tuesday on X in a post shared by Matthew Sigel, head of digital assets research at VanEck. "In fact the total amount injected from existing cash in treasury by Microstrategy since 2020 is only about $650M, there rest was all debt funding or ATM sells."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wall Street interprets the Federal Reserve decision as more dovish than expected
The market originally expected a "hawkish rate cut" from the Federal Reserve, but in reality, there were no additional dissenters, no higher dot plot, and the anticipated tough stance from Powell did not materialize.
The Federal Reserve cuts rates again but divisions deepen, next year's path may become more conservative
Although this rate cut was as expected, there was an unusual split within the Federal Reserve, and it hinted at a possible prolonged pause in the future. At the same time, the Fed is stabilizing year-end liquidity by purchasing short-term bonds.
Betting on LUNA: $1.8 billion is being wagered on Do Kwon's prison sentence
The surge in LUNA’s price and huge trading volume are not a result of fundamental recovery, but rather the market betting with real money on how long Do Kwon will be sentenced on the eve of his sentencing.
What is the overseas crypto community talking about today?
What have foreigners been most concerned about in the past 24 hours?
Trending news
MoreCrypto prices
More
