The video game giant, GameStop Corp., has upsized its private offering to $2.25 billion in a stunning move, with the firm likely doubling down on its ambitious Bitcoin treasury strategy.
The upsized offering, initially targeting qualified institutional buyers under Rule 144A, includes an option for an additional $450 million, signaling GameStop’s intent to bolster its cash reserves amid economic uncertainty.
As per the official release, the notes will be general unsecured obligations of GameStop, and they will not bear regular interest. Moreover, the principal amount of the notes will also not accrete. These notes will mature on June 15, 2032, unless investors convert, redeem, or repurchase them earlier.
The company’s pivot to Bitcoin as a treasury asset, approved unanimously by its board in March, mirrors moves by firms like MicroStrategy, which has positioned itself as a crypto pioneer. On March 27, the firm announced a $1.3 billion fundraising deal, and later, on May 28, it purchased 4,710 BTC valued at approximately $495 million as of May 28, 2025.
This decision marks a bold departure from traditional corporate finance, echoing the 2021 meme stock frenzy while navigating a challenging revenue decline from $881.8 million to $732.4 million in Q1 2025.
However, the GameStop stock (GME) slumped 22.5% on June 12, following the global market crash after the Israel-Iran news.
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