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GameStop Prices Bitcoin Notes at $29.85
The bitcoin notes have a 35% premium over the company's Thursday closing price.
What to know:
- GameStop has priced its private offering of $1.3 billion in convertible senior notes, preparing to add bitcoin to its balance sheet.
- The notes, due in 2030, will initially convert at a rate of 33.4970 shares per $1,000, representing an initial conversion price of approximately $29.85 per share.
- If the sale is successful, GameStop would become the fourth-largest corporate holder of BTC, behind Riot Platforms and ahead of Tesla.
GameStop (GME) has priced its previously announced private offering of $1.3 billion in convertible senior notes, setting the stage for the company's foray into having bitcoin (BTC) on its balance sheet.
STORY CONTINUES BELOW
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The zero-coupon notes, due in 2030, will initially convert at a rate of 33.4970 shares per $1,000, representing an initial conversion price of approximately $29.85 per share.
GameStop (GME) closed at $22.09 at the end of the Thursday trading day in New York, putting the bitcoin notes at an approximately 35% premium over its most recent closing price.
Since announcing its BTC bond strategy, GME's stock is down – over 22% during Thursday's trading day – as investors approach this with skepticism despite CEO Ryan Cohen positioning this strategic shift toward bitcoin as a means to leverage the company’s sizeable cash reserves
Should the sale be successful and hit its targets, GME would be the fourth largest corporate holder of BTC, behind miner behind Riot Platforms (RIOT) and ahead of Tesla (TSLA).
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
