Will GameStop Buy More Bitcoin? GME Boosts Latest Fundraise to $2.7 Billion
GameStop raised an additional $450 million through a convertible notes offering, increasing its total fundraising to $2.7 billion. The funds may be used for general corporate purposes, including potential investments in Bitcoin, although specific plans for BTC purchases are not detailed. GameStop previously acquired 4,710 BTC for approximately $512 million in May. CEO Ryan Cohen indicated that the company will not disclose future Bitcoin purchase plans in advance and is not strictly following other companies' strategies. Despite these initiatives, GameStop's stock price has declined, falling over 10% after the initial Bitcoin purchase announcement and remaining down about 23% year-to-date. The company has also explored other crypto ventures, including an Ethereum NFT marketplace, which it abandoned due to regulatory concerns.
