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- Welcome Kevin_Lee to the Gate Square! 🎉
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GameStop raised $450 million, possibly for investing in Bitcoin.
According to Gate News bot, CoinTelegraph reports that although GameStop raised another $450 million through a private convertible note issuance for investment (possibly including Bitcoin), its stock price remains sideways.
The retailer disclosed to the U.S. Securities and Exchange Commission on Monday that someone who chose to participate in the initial $2.25 billion bond issuance has decided to purchase an additional $450 million in bonds.
These funds will be designated for general corporate purposes, including investment and potential acquisitions. Although Bitcoin is not specifically mentioned, this retailer has previously proposed plans to raise funds.
According to the current price, if GameStop uses the entire $450 million to purchase Bitcoin, its existing reserve of 4710 Bitcoins could almost double.