GameStop is going hard on Bitcoin. How hard? After confirming its Bitcoin reserve plans on Tuesday, the firm said late Wednesday that it plans to raise up to $1.3 billion via a convertible senior notes saleāwith the proceeds set to help fuel BTC buys.
The video game retailer, best known in recent years for the meme stock craze and the impact of famed trader Roaring Kitty, is borrowing the playbook that Strategy (formerly MicroStrategy) has used to amass over 500,000 BTCāsome $44 billion worthāsince it began buying in 2020.
But this isnāt GameStopās first dance with crypto. The company famously dabbled in NFTs with a marketplace launched at the tail end of the 2022 craze, which it closed less than two years later. And as Decrypt detailed, SEC filings show that the firm dumped its earlier crypto holdings.
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āIn terms of infrastructure, itās completely different. A Bitcoin mining farm is like a chicken coop compared to a tier-3 data centerāitās not even close.ā
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