What to know:
- In a move that can only be described as audacious, GameStop has priced its private offering of $1.3 billion in convertible senior notes, all while preparing to add bitcoin to its balance sheet. Because why not? 💁♂️
- The notes, due in 2030, will initially convert at a rate of 33.4970 shares per $1,000, which means you can snag a share for the bargain price of approximately $29.85. What a steal! 🤑
- If this sale goes off without a hitch, GameStop would leapfrog into the ranks of the fourth-largest corporate holder of BTC, right behind Riot Platforms and just ahead of Tesla. Talk about a glow-up! 🌟
GameStop (GME) has priced its previously announced private offering of $1.3 billion in convertible senior notes, setting the stage for the company’s grand entrance into the world of bitcoin (BTC). Because who needs traditional revenue streams when you can gamble on cryptocurrency? 🎰
The zero-coupon notes, due in 2030, will initially convert at a rate of 33.4970 shares per $1,000, which, if my math serves me right, means an initial conversion price of approximately $29.85 per share. A veritable bargain for the discerning investor! 📈
As of the end of Thursday’s trading day in New York, GameStop (GME) closed at $22.09, which puts the bitcoin notes at a rather cheeky 35% premium over its most recent closing price. Investors must be thrilled—if by thrilled you mean mildly horrified. 😱
Since announcing its BTC bond strategy, GME’s stock has taken a nosedive—over 22% during Thursday’s trading day. Investors are approaching this with skepticism, despite CEO Ryan Cohen’s best efforts to sell this strategic shift toward bitcoin as a means to leverage the company’s sizeable cash reserves. Ah, the sweet smell of desperation! 😅
Should the sale be successful and hit its targets, GME would proudly claim the title of the fourth largest corporate holder of BTC, right behind the miners at Riot Platforms (RIOT) and just ahead of Tesla (TSLA). What a delightful game of musical chairs! 🎶
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2025-03-28 10:54