GameStop (GME), the video game retailer known as a meme stock, announced a $1.75 billion convertible senior note offering on Wednesday.
The proceeds will be used partly to make investments aligned with GameStop’s stated Investment Policy, which includes adding bitcoin to its treasury reserves, according to a company press release and a previous announcement in March.
The offering is available only to qualified institutional buyers and includes an option for purchasers to acquire an additional $250 million in notes within two weeks of issuance. The notes do not pay regular interest and will mature in June 2032 unless converted or repurchased earlier.
In March, GameStop unveiled its bitcoin treasury strategy and later raised $1.3 billion through a similar convertible note offering. The company purchased approximately 4,710 bitcoin for about $500 million in May.
Following Wednesday’s announcement, GameStop shares declined 10% in after-hours trading.