Latest Bitcoin News: GameStop's Bitcoin Bet Would Drive 26% of Its Total Capital
GameStop Proposes $1.75 Billion Convertible Bond Offering for Potential Bitcoin Acquisition, Causing Stock to Decrease: Report
In a trying time for traditional retailers, GameStop has made a sizable move into the world of crypto - hurling itself headlong into the volatile crypto market with roughly a quarter of its total capital.
The Gist- The video game retailer plans to raise funds through the issuance of $2.25 billion worth of private convertible notes, a 25% increase from the initial proposal [1][2]- GameStop, under its new CEO Ryan Cohen, intends to pump a significant portion of the funds into a potential Bitcoin purchase, following its recent acquisition of 4,710 Bitcoins [3]- This bold move by the meme stock has resulted in a hefty 21% stock drop, with shares currently trading at around $22.49 [4]
Background Check- GameStop, after purchasing a substantial 4,710 Bitcoins, worth over half a billion dollars, has aimed to further deepen its investment in the leading cryptocurrency [3]- The decided upon funding method is the sale of convertible senior notes, with an increased value of $1.75 billion, set to rise to $2.25 billion by popular demand [2]
Regulatory Sway- The Securities and Exchange Commission (SEC) keeps a watchful eye on such moves, ensuring that companies adhere to established regulations in their pursuit of crypto investments [1]
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[1] (https://finance.yahoo.com/news/gamestop-selling-225-billion-notes-200400473.html)
[2] (https://keltonline.org/finance/gamestop-raises-2-25-billion-probable-hit-bitcoin/)
[3] (https://www.cryptoground.com/gamestop-invests-in-bitcoin/)
[4] (https://www.thestreet.com/investing/stocks/stocks-gamestop-corp-gme-in-freefall-opens-lower-on-huge-notes-offering-plan)
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In the dynamic world of business, GameStop's significant investment in Bitcoin, estimated to be around a quarter of its total capital, is a testament to the increasing interest in cryptocurrency within the retail sector [Background Check]. As GameStop continues to explore cryptocurrency avenues, it is essential for companies like GameStop to adhere to established regulations set by entities such as the Securities and Exchange Commission [Regulatory Sway]. On another front, altcoins are also gaining traction, with crypto platforms offering increased accessibility and widening the horizon for potential investors [Industry Ladder].
