GameStop (GME) has priced its previously announced private offering of $1.3 billion in convertible senior notes, setting the stage for the company’s foray into having bitcoin (BTC) on its balance sheet.
The zero-coupon notes, due in 2030, will initially convert at a rate of 33.4970 shares per $1,000, representing an initial conversion price of approximately $29.85 per share.
GameStop (GME) closed at $22.09 at the end of the Thursday trading day in New York, putting the bitcoin notes at an approximately 35% premium over its most recent closing price.
Since announcing its BTC bond strategy, GME’s stock is down – over 22% during Thursday’s trading day – as investors approach this with skepticism despite CEO Ryan Cohen positioning this strategic shift toward bitcoin as a means to leverage the company’s sizeable cash reserves
Should the sale be successful and hit its targets, GME would be the fourth largest corporate holder of BTC, behind miner behind Riot Platforms (RIOT) and ahead of Tesla (TSLA).
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
On-chain data shows the average Bitcoin exchange deposit has ballooned to a significant size, a…
Crypto analyst Sykodelic has declared that the Bitcoin bleed is almost over and suggested that…
A market expert has outlined five distinct phases in the Bitcoin (BTC) bear market that…
Bitcoin Magazine Interactive Brokers Adds Bitcoin Trading in European Economic Area Interactive Brokers has launched…
A drop to $54,000 could mark one of the strongest buying opportunities in Bitcoin’s current…
Bitcoin Magazine Genius Group (GNS) Dumps All Bitcoin Holdings to Clear Debt, Plans Treasury Rebuild…