In the vast and tumultuous sea of commerce, the once humble peddler of pixelated pastimes, GameStop, has unfurled its sails and set a course for the enigmatic island of cryptocurrency. This retailer, which once played a pivotal role in the great meme stock frenzy of 2021, now declares its intention to mint $1.3 billion in convertible notes, as if it were printing its own royal decrees. These notes, bearing an interest rate as generous as the winter sun in Moscow, will come due in the distant year of 2030.
The coffers thus filled, GameStop proclaims that the funds shall be employed for the noblest of “general corporate purposes,” among which is the acquisition of the elusive and capricious Bitcoin. One can almost hear the clinking of digital gold as the company amends its investment policy, embracing the digital coin as if it were a new tsarina in the royal court.
As chronicled by the scribes of U.Today, GameStop’s foray into the world of convertible notes seems to be a page torn from the annals of Strategy’s bold debt-for-Bitcoin saga. Yet, the market’s reaction is as cold as the Russian winter, with the shares of GameStop (GME) taking a nosedive in the after-hours trade, a stark contrast to the previous day’s 11% leap brought about by the company’s Bitcoin ballet.
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2025-03-26 23:42