GameStop's plan to issue $1.3 billion convertible notes to buy #Bitcoin could boost crypto market and meme coins

Video game retailer GameStop announced on Wednesday that it plans to issue senior convertible note offerings worth $1.3 billion. The company aims to use part of the proceeds from the offerings to buy Bitcoin.

GameStop plans to acquire $BTC through the sale of senior convertible notes

GameStop has announced plans to acquire Bitcoin as it explores opportunities in the cryptocurrency market. In a press release, the company revealed its intention to issue $1.3 billion in senior convertible notes with a 0% interest rate through a private offering to investors.

The notes are set to mature on April 1, 2030, unless they are redeemed or converted earlier. They will be generally unsecured obligations, will not accrue regular interest, and will maintain their principal amount throughout the holding period.

GameStop disclosed that the proceeds from the offering will be used for general corporate purposes and Bitcoin acquisition. However, the company did not specify the exact percentage or amount that will be allocated to its Bitcoin purchase.

The company's latest venture into digital assets could positively impact the crypto market, similar to Strategy's — the largest corporate holder of BTC — influence$BTC