According to ChainCatcher, GameStop announced plans to privately issue convertible preferred notes with a 0.00% interest rate (maturing in 2030) worth $1.3 billion to qualified 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.