GameStop Prices Its Bitcoin Notes Offering at $29.85 per Unit

GameStop is doubling down on its bitcoin ambitions, pricing its $1.3 billion convertible note offering at a significant premium to current market levels.

The zero-coupon notes, set to mature in 2030, will convert at a rate equivalent to $29.85 per share—roughly 35% higher than GameStop’s Thursday closing price of $22.09 on the New York Stock Exchange. The offering marks a bold step toward bringing bitcoin onto the company’s balance sheet.

Despite the strategic pivot, investors reacted with skepticism. GameStop shares slid more than 22% during Thursday trading following news of the bitcoin bond plan. CEO Ryan Cohen framed the move as a forward-thinking strategy to deploy the company’s cash reserves into digital assets, but the market response suggests doubts remain.

If fully subscribed, the offering could position GameStop as the fourth-largest public company holding bitcoin, surpassing Tesla and sitting just behind mining firm Riot Platforms.