GME
💰 GameStop plans to sell $1.3 billion in convertible bonds, which can later be converted into stock, signaling a major financial maneuver.
₿ The primary use of the funds raised will be to purchase Bitcoin, adopting a treasury reserve strategy pioneered by MicroStrategy’s Michael Saylor.
📈 This announcement follows the board’s approval to incorporate Bitcoin as a treasury reserve asset, causing a significant jump in the stock price earlier in the week, though the bond sale news tempered gains.
@bernardodegarcia:
“We move on to GameStop. We covered it live yesterday, and it seeks to sell $1.3 billion in convertible bonds, meaning bonds that later convert into shares, to finance the purchase of Bitcoin announced after its quarterly results, which caused the shares to jump 10%. Adopting a strategy developed by cryptocurrency promoter Michael Saylor, MicroStrategy. The video game chain recovered after the company announced, as we mentioned yesterday, that its board of directors approved a plan to incorporate Bitcoin as a treasury reserve asset. That was the day before yesterday, Tuesday. Yesterday, Wednesday, this application was presented at market close, announcing the planned sale of the bonds to be used for general purposes, including, as we said, the acquisition of Bitcoin.”
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