Video game retailer GameStop announced on Tuesday that it has completed a $1.5 billion issuance of convertible senior notes.
The proceeds are partially intended for purchasing Bitcoin to hold in its corporate treasury. GameStop previously revealed its Bitcoin plans, initially adding the asset to its acceptable treasury assets and planning to raise $1.3 billion through the offering.
An additional $200 million in notes were sold, as an option for the initial purchaser, according to a Tuesday SEC filing.
The convertible senior notes, maturing on April 1, 2030, resulted in approximately $1.48 billion in net proceeds after purchaser discounts and expenses.
The filing reiterates that the company “expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin.”
