GameStop, by exercising the green shoe options, has raised a total of about 390 billion yen for Bitcoin purchases | CoinDesk JAPAN

• GameStop has raised an additional $450 million due to the underwriter exercising the Greenshoe Option, bringing the total amount raised through the convertible bond issuance conducted by the company in mid-June to $2.7 billion.
• This fund will be used for business operations and investments, and as part of this, there are plans to acquire Bitcoin as a financial asset.
• GameStop has begun to promote a strategy to utilize Bitcoin as a financial asset since March.

Video game retailer GameStop revealed in a filing with the U.S. Securities and Exchange Commission (SEC) that it raised an additional $450 million (approximately 65 billion yen, based on an exchange rate of 1 dollar = 145 yen) through the additional issuance of zero-coupon senior convertible bonds on June 24.

This occurred just one week after the company's $2.25 billion private placement conducted last week, and the company stated that the total amount raised through this issuance reached $2.7 billion.

The additional bonds are sold based on a 13-day options granted to the initial purchasers, who fully exercised the so-called "in green" option.

These bonds, which will mature in 2032, are convertible into GameStop Class A common stock at a premium of 28.91 dollars, which is 32.5% above the volume-weighted average price of the stock on June 12, 2023 (the date of initial issuance).

The funds raised this time will be used for general corporate purposes and to "invest in a manner consistent with GameStop's investment policy." This includes acquiring Bitcoin (BTC) as a financial reserve asset.

GameStop is one of the publicly traded companies that have incorporated cryptocurrencies into their financial strategies, and the number of such companies continues to increase.

These companies are raising funds through the sale of stocks and the issuance of debt, adding cryptocurrencies such as Bitcoin to their balance sheets. This follows the approach of Strategy, led by Michael Saylor.

GameStop made its first Bitcoin purchase in May, buying 4,710 BTC for about $500 million after issuing $1.3 billion in convertible bonds.

GameStop's stock price has remained flat in trading on the morning of the 25th U.S. time.

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