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.
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,…
