GameStop Upsizes Bitcoin Debt Offering to $2.25 Billion

GameStop Corp. significantly increased its planned convertible note offering from $1.75 billion to $2.25 billion, a $500 million raise, to expand its corporate Bitcoin treasury. The financing round is scheduled to close Tuesday.

The retailer expects to raise approximately $2.23 billion net from the offering, with an additional $50 million available if initial purchasers exercise their over-allotment options.

GameStop aims to use the proceeds for general corporate purposes, with investments aligned to its “Bitcoin Investment Policy.” This strategy continues a pattern of bitcoin acquisitions, following purchases totaling $513 million worth of BTC in May.

The six-year maturity notes represent a substantial expansion of GameStop’s previous offering. The company is now ranked as the world’s 11th-largest corporate Bitcoin holder according to blockchain analytics firm Bitbo.

Strategy, the leading corporate Bitcoin investor, employs similar debt financing approaches. On June 6, this competitor quadrupled its planned stock offering from $250 million to nearly $1 billion.

The company’s corporate bond expansion comes despite significant investor discontent. GameStop shares fell 22.2% Wednesday after the initial $1.75 billion offering was announced.

Share price declines have persisted amid weak quarterly performance. The company reported a 17% revenue decline to $732.4 million in its first-quarter 2025 results, missing analyst expectations.