On March 27, GameStop announced plans to privately issue convertible preferred notes with a 0.00% interest rate (maturing in 2030) totaling $1.3 billion to eligible institutional investors. Depending on market conditions, the company may authorize the initial purchasers to additionally purchase up to $200 million in notes within 13 days. GameStop stated that the raised funds will be used for general corporate purposes, including purchasing Bitcoin in accordance with the company's investment policy.
GameStop plans to issue $1.3 billion in convertible senior notes privately to purchase Bitcoin
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