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]
Bitcoin is down just 1.5% in its historically weakest month and remains on track for…
Bitcoin recovered from $75,972 overnight to just below $78,000, a third straight day of gains.Read…
The U.S. Treasury sanctioned BitBank, a Tehran exchange it says moved hundreds of millions of…
Corporate treasuries bought just 5,900 bitcoin in three months, while broader demand signals remain weak.Read…
Ether funds shed money for a third straight session even as the token rose, while…
The yen declined and BTC rose after the BOJ hiked rates to the highest level…