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Fortune

Catherine McGrath

GameStop now has $1.5 billion to splurge on a Bitcoin reserve after private offering

GameStop Bitcoin Video Game SEC Strategy

(Credit: Cheng Xin—Getty Images)

After announcing a new strategy to invest in Bitcoin last week, video game retailer GameStop now has the money to make it happen.

GameStop announced on Tuesday that it has raised $1.5 billion in a private offering of convertible notes, according to a recent filing with the Securities and Exchange Commission (SEC). A convertible note is a type of debt that lets investors convert loans into equity at some point in the future. The offering was restricted to “qualified institutional buyers,” and investors will be unable to convert the notes into equity until 2030.

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