GameStop Announces Plans To Potentially Buy Up to $1.75B More Bitcoin, But Investors Are Spooked
Video games and collectibles retailer GameStop, hot on the heels of its mixed Q1 2025 financial report, is now making headlines for a bold plan to potentially invest even more deeply into Bitcoin than it currently has.
According to a June 11 note shared to its investor portal, GameStop plans to raise $1.75 billion via the offer of convertible senior notes due 2032 to qualified institutional buyers.
“GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop’s Investment Policy and potential acquisitions,” the note read.
As Quartz outlined, while there is no concrete proof that this fundraising effort is targeting the purchase of more Bitcoin — GameStop had signaled significant interest in the cryptocurrency, buying 4,710 Bitcoin just last month — it falls in line both with the retailer’s stated investment policy as well as a broader industry trend of anchoring a deep crypto position as a reserve.
“GameStop’s attempt to cash in on the frenzy is just one of many efforts to find new revenue streams. The rise of online shopping and streaming services has plunged its brick-and-mortar business into relative obsolescence over the the past decade. Its shares declined 95% between 2013 and 2020,” Quartz’s Niamh Rowe wrote.
GameStop Spooks Investors, While Diehards Hold Shares
As the news took full effect on June 11, trading so far the day following has seen the stock value tumble drastically. As of 11:00 a.m. ET, GameStop share prices rested at $23.04, falling 19.4% since trading opened.
GameStop has long been considered a volatile stock in recent years, with its status as a meme stock being the subject of a 2023 feature film, “Dumb Money,” with diehard retail investors refusing to sell a single share. A cursory search of X, formerly Twitter, for “GameStop” elicits a slew of retail investors backing GameStop — particularly in advance of its annual shareholder meeting, scheduled for 11:00 a.m. ET today.
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