GameStop raises 1.5 billion dollars in convertible bonds to purchase Bitcoin

According to The Block, video game retailer GameStop announced on Tuesday that it has raised $1.5 billion through a private placement of convertible bonds and plans to use the proceeds to purchase Bitcoin. The company's filing with the U.S. Securities and Exchange Commission (SEC) shows that it has completed the issuance of $1.5 billion in senior convertible bonds due in 2030 with a face interest rate of 0.00%, including underwriters fully exercising an over-allotment option of $200 million. This move is identical to Strategy Company's strategy of turning to Bitcoin acquisition in August 2020.