GameStop Corp. is planning a $1.3 billion sale of convertible bonds, a move designed to fund the purchase of Bitcoin. The video-game retailer’s decision to enter the cryptocurrency market follows the strategy of Michael Saylor, a well-known Bitcoin advocate.
The company’s stock saw a rally after an announcement on Tuesday that the board had approved the inclusion of Bitcoin as a treasury reserve asset. This was quickly followed by a Wednesday filing, which detailed the impending bond sale. The funds raised will be allocated for general corporate purposes, which includes the purchase of Bitcoin.
