GameStop to Borrow $1.3 Billion to Fund Bitcoin Buying Spree
GameStop Corp. is seeking to sell $1.3 billion of convertible bonds with no coupon payment to fund Bitcoin purchases as it embraces a strategy that was developed by the cryptocurrency advocate Michael Saylor.
The video-game retailer had rallied after the company said on Tuesday that its board approved a plan to add Bitcoin as a treasury reserve asset. That was followed on Wednesday with a filing announcing the planned sale of the bonds, which will be used for general purposes, including the acquisition of Bitcoin.
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