The retail video game giant GameStop announced on Tuesday that it has completed a $1.5 billion senior convertible bond offering to investors, with plans to use part of the proceeds to purchase Bitcoin for its corporate treasury. GameStop revealed its Bitcoin plans last week, first adding the asset to its list of acceptable treasury assets before announcing its intention to raise $1.5 billion through the offering.

The sale of the senior convertible bonds, which are set to mature on April 1, 2030, provided GameStop with approximately $1.48 billion in net proceeds after deducting initial purchaser discounts and corporate expenses. As previously stated, the filing notes that the company "expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin."

In February, GameStop CEO Ryan Cohen shared a photo of himself with MicroStrategy co-founder and Executive Chairman Michael Saylor, a vocal advocate of corporate Bitcoin reserves. This event is believed to have played a role in solidifying GameStop's decision to take this step.

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