GameStop plans to issue $1.3B in convertible bonds to buy Bitcoin

GameStop (GME) is planning to issue $1.3 billion in convertible bonds to buy Bitcoin, according to CoinDesk. The bonds will mature in five years, and the funds will be used for general corporate purposes, such as buying Bitcoin, in line with GameStop’s investment policy. CoinDesk outlined that GameStop is following Michael Saylor’s strategy of issuing billions of dollars in convertible bonds to buy Bitcoin. Earlier this week, GameStop’s board of directors unanimously approved adding Bitcoin to its balance sheet.