Acquisitions of Bitcoin (BTC) by video game retailer GameStop (GME) appear to be on the horizon or may have already commenced following the company’s completion of a $1.3 billion offering of five-year convertible notes.
The entirety of the $200 million greenshoe option was exercised by the initial buyer, elevating the total sale to $1.5 billion. After deducting fees, the net proceeds to the company amounted to $1.48 billion, as indicated in a filing made public on Monday after U.S. trading concluded.
Along with its fourth-quarter earnings report last week, GameStop, under the leadership of CEO Ryan Cohen, revealed that its board has unanimously approved an update to the company’s investment policy, which includes the addition of Bitcoin to the GME balance sheet.
GME shares experienced a rise of 1.35% during Monday’s trading session and have climbed an additional 0.8% in after-hours trading. Bitcoin has seen a modest increase over the past 24 hours, currently priced at $84,900.