The US Meme Coin GameStop has raised 1.5 Billion Dollars to Plan Bitcoin Purchases! - Coin Bulletin

Game retailer GameStop plans to raise $1.5 billion through a private bond issuance and allocate this money for the purchase of Bitcoin (BTC).

GameStop announced on Tuesday that it has raised $1.5 billion through zero percent convertible senior notes maturing in 2030. The company also indicated that investors took advantage of the option to purchase an additional $200 million worth of notes. This move was part of a previously announced plan.

However, although GameStop's shares rose briefly after this announcement, they later showed a decline, indicating that investors were skeptical about the company's plan to add Bitcoin as an asset.

GameStop's move parallels a similar action by a company named Strategy that focused on Bitcoin purchases in August 2020. Nathan Cox, CIO of Two Prime Digital Assets, emphasized that GameStop's adoption of this strategy could give the company the capacity to accumulate Bitcoin on a large scale, given its projected revenue of 3.8 billion dollars and cash holdings of 4 billion dollars in 2024.

What does GameStop's investment move mean?

GameStop's investment in Bitcoin shows that the number of large companies interested in cryptocurrencies continues to increase. However, some investors are cautious about how profitable this strategy will be in the long term. GameStop aims to integrate more into the crypto ecosystem with plans to use Bitcoin purchases as a treasury asset.