GameStop has raised over $4 billion through convertible note sales and plans to use some of it to build a Bitcoin treasury.
In March 2025, GameStop issued $1.48 billion in convertible notes, with the intention of using the proceeds for 'general corporate purposes, including the acquisition of Bitcoin.'
The company made its first official Bitcoin purchase in May, buying 4,710 BTC worth approximately $513 million at that time.
GameStop's recent $2.7 billion convertible note offering reflects its interest in Bitcoin as a potential lifeline amid years of declining retail performance.