GameStop, the video game and consumer electronics retailer, has increased its planned private convertible note offering to $2.25 billion, underscoring a stronger commitment to developing its corporate Bitcoin treasury.
The company announced the upsized offering on Thursday, with the note sales expected to close on June 17.
GameStop anticipates raising approximately $2.23 billion from the offering—or up to $2.68 billion if the initial purchasers fully exercise their option to buy additional notes.
The notes are scheduled to mature on June 15, 2032. This move represents an increase of nearly $500 million from the initial $1.75 billion offering unveiled on Wednesday.
The more than $2 billion funding round follows GameStop’s recent purchase of 4,710 Bitcoin, worth approximately $513 million as of May 28. This acquisition came two months after the company revealed its intention to establish a Bitcoin treasury strategy on March 2.
GameStop says the $2.25 billion in proceeds will be used for “general corporate purposes, including making investments in a manner consistent with GameStop’s Investment Policy” — a move that could indicate further Bitcoin investments by the gaming retailer.
According to data from Bitbo, the video game retailer is already the world’s 11th largest corporate holder of Bitcoin, ranking just behind Galaxy Digital Holdings.
Strategy, the world’s largest corporate holder of Bitcoin, has also been employing similar debt financing tactics to expand its Bitcoin holdings. On June 6, the company announced an upsized stock offering of nearly $1 billion—four times larger than its previously reported $250 million target.
GameStop shares drop 22% following expanded note offering
GameStop shareholders appear unsettled by the $2.25 billion capital raise, despite the potential of Bitcoin to strengthen the company’s balance sheet.
According to Google Finance data, GameStop’s stock price dropped more than 22% on June 12, following the announcement of the initial $1.75 billion offering.
GameStop’s share price has struggled to gain upward momentum since the company reported mixed first-quarter earnings for 2025.
GameStop reported year-to-date revenues of $732.4 million, falling short of analyst expectations of $754.2 million and marking a 17% decline from the $881.8 million recorded during the same period last year. IG Bank attributed the drop to weakening demand for physical game sales.
