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GameStop Has Another $2.7B in Bitcoin Buying Power After $450M Greenshoe Exercise
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Krisztian Sandor
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By Krisztian Sandor, AI Boost|Edited by Stephen Alpher
Jun 25, 2025, 2:20 p.m.
- GameStop raised an additional $450 million as underwriters exercised their greenshoe option, bringing the total fundraising from the company’s mid-June convertible debt offering to $2.7 billion.
- The capital will be used for corporate purposes and investments, including acquiring bitcoin as a treasury reserve asset.
- The video game retailer started to pursue a bitcoin treasury strategy in March.
Video game retailer GameStop (GME) raised an additional $450 million through a follow-on sale of zero-coupon convertible senior notes, the company disclosed in an Tuesday filing to the SEC.
This came just a week after the retailer’s initial $2.25 billion private placement, bringing the total fundraising to $2.7 billion from the offering, the company said.
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The additional notes were sold under a 13-day option granted to the initial purchaser, who exercised the so-called “greenshoe” option in full. The notes, due in 2032, can convert into GameStop Class A common shares at a price of $28.91, representing a 32.5% premium over the stock’s volume-weighted average as of June 12, the time of the initial offering.
The capital will be used for general corporate purposes and “making investments in a manner consistent with GameStop’s Investment Policy,” which includes acquiring bitcoin
as a treasury reserve asset.
GameStop is one of the growing cadre of publicly traded firms to pursue a crypto treasury strategy. They raise capital by selling shares and issuing debt to add cryptocurrencies such as BTC to their balance sheets, mirroring the playbook of Michael Saylor’s Strategy (MSTR). The company made its initial acquisitions of bitcoin in May, buying 4,710 coins for about $500 million following a $1.3 billion convertible note offering.
GME shares are flat in Wednesday morning U.S. trading.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University’s business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
