GameStop Plans to Issue $1.30 billion Convertible Senior Notes for Purchase of Bitcoin

GameStop announced plans to offer a private placement of $1.30 billion in convertible senior notes (due 2030) to eligible institutional investors. Depending on market conditions, the company may also authorize initial purchasers to purchase up to $200 million in additional notes within 13 days. GameStop said the proceeds will be used for general corporate purposes, including the purchase of bitcoin in accordance with the company's investment policy.