After the close of trading on the 10th, GameStop announced that it would issue a private placement of 0% convertible senior notes due June 15, 2032. The notes will be issued for $250 million (approximately
The additional purchase option for an additional 252.1 billion yen is also included. The company did not clearly disclose the purpose of the fundraising, but said, "We will raise assets in a manner consistent with GameStop's investment policy."
"We plan to operate the Bitcoin exchange," he said, hinting at the possibility of purchasing additional Bitcoin. In fact, on May 28, GameStop purchased a total of 4,710 BTC through part of the funds raised from its previous convertible bond.
The purchase was worth approximately $513 million at the time. As a result, GameStop now holds the 13th largest amount of Bitcoin among publicly traded companies worldwide.
This method of purchasing Bitcoin through convertible bonds is similar to the strategy adopted by some U.S. companies such as Strategy.
The convertible bond offering comes just after GameStop reported disappointing first-quarter results. The company reported quarterly net income of $44.8 million.
Although GameStop was able to reverse a loss of $32.3 million in the same period last year, sales fell 17% to $732.4 million, below market expectations.
The regular market also fell 5.34%. Meanwhile, GameStop's stock price has fallen 18.5% since May 28th, when it made Bitcoin purchases official, and the latest drop in after-hours trading
If this figure is reflected, it would wipe out all of the stock price gains since the company first announced its Bitcoin investment plans on March 25.
2025/06/12 11:32 KST
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