Bitcoin Treasury: GameStop Hits $2.7B in Funding to Bolster BTC Reserves

GameStop has raised $450 million through a convertible debt offering, aiming to further expand its Bitcoin treasury reserve which has now reached $513M.

This comes after GameStop’s first major Bitcoin acquisition in May this year, which marked the start of the shift to include BTC as a part of its corporate financial strategy.

GameStop Fundraising Effort To Expand Bitcoin Reserve

GameStop has added $450 million to its balance sheet after underwriters exercised a greenshoe option linked to its recent debt offering. The additional amount was raised through a follow-on sale of zero-coupon convertible senior notes, filed with the SEC on Tuesday.

This greenshoe option was part of the company’s $2.25 billion convertible debt deal initiated in mid-June. The full exercise of this option increased the total raised from the offering to $2.7 billion. These notes are due in 2032 and may be converted into GameStop Class A shares at $28.91 per share. That price is 32.5% above the stock’s volume-weighted average as of June 12, the date of the initial offering.

The company has stated that proceeds from this fundraising will support general corporate activities. These include further investment into Bitcoin as a treasury reserve asset, aligning with GameStop’s revised investment strategy first introduced in March 2025.

Bitcoin Holdings Valued at Over $500 Million

In May 2025, GameStop made its first purchase of Bitcoin, acquiring 4,710 BTC for about $513 million. At the time, Bitcoin was trading at approximately $109,000 per coin. This marked GameStop’s official entry into the growing list of public companies incorporating Bitcoin into their treasury management strategies.

The Bitcoin price has fluctuated in the weeks following the acquisition, with recent highs exceeding $110,000 per BTC. Despite the market volatility, GameStop’s holdings remain valued at over $500 million, showing the company’s long-term stance on Bitcoin accumulation.

GameStop’s decision to use a portion of its raised capital for Bitcoin mirrors actions taken by other corporations pursuing similar strategies. The company as a result has followed a playbook similar to that of Michael Saylor led Strategy, which has become known for holding large quantities of Bitcoin on its balance sheet.

However, since the announcement of GameStop’s Bitcoin acquisition, its stock has declined. As of today, GME shares are down around 24% compared to their price at the time of the initial Bitcoin purchase.