Popular video game retailer, GameStop is on the verge of kickstarting its Bitcoin acquisition program. The development emanated through a filing to the United States Securities and Exchange Commission on April 1, 2025.Â
As revealed, GameStop raised $1.5 billion through a convertible debt offering to invest in Bitcoin and US-dollar-backed stablecoins. Initially, the retailer intended to raise just $1.3 billion but investors who participated in the exercise required a $200 million aggregate principal amount of notes.
Furthermore, the company narrated that the program will be in line with the company’s investment guidelines. In the filing, GameStop explained how the notes and debts can be converted into equity, and they are scheduled to mature by April 1, 2030.
GameStop added that the conversion rate for the notes will be 33 shares of Common Stock per $1,000 principal amount of notes. Also, the firm intends to use its reserves to support the initiative.
As of February 1, GameStop’s reserve is worth $4.77 billion, indicating that the firm is set to become one of the top institutional investors of Bitcoin. At the moment, MicroStrategy is the largest institutional holder of Bitcoin with more than 528,185 Bitcoin.
According to Bitbo, the firm made its latest purchase on February 24, 2025, spending more than $1.99 billion to acquire 20,356 BTC. Other top institutional holders of Bitcoin include Marathon Digital, Riot Platform, Tesla, Hot 8 mining, and many more.
Side note on GameStop
Meanwhile, GameStop first announced its intention to invest in Bitcoin and stablecoins on March 25. Following the announcement, GameStop shares dropped massively by 22.1% as the company’s aim to follow the footsteps of MicroStrategy.
Experts indicated that the trend may continue, resulting in massive financial defects for the company. Before the announcement, GameStop CEO Ryan Cohen shared a photo of himself alongside Michael Saylor, the co-founder of Microstrategy and a strong Bitcoin advocate.
In February 2022, a Binbits report disclosed how the firm alongside Immutable X raised $100 million to advance its ecosystem, a plan that included the launching of a NFT marketplace.
The video game retailer made its entry into the crypto space with the launching of crypto and NFT wallet in May 2023. However, the company, under regulatory pressure shut down the wallet in less than a year after the launch.