From Cointelegraph

June 11, 2025 8:20 PM:

GameStop (GME) shares dropped 11.7% in after-hours trading following a $1.75 billion private convertible senior note offering to potentially fund more Bitcoin purchases. GME had already fallen 5.34% in normal trading after reporting a 17% revenue decline in the first quarter.

GameStop recently bought $513 million in Bitcoin, with plans to make investments consistent with company policy and potential acquisitions. The company used part of a previous $1.5 billion raise to purchase 4,710 Bitcoin, positioning it as the 13th largest corporate Bitcoin holder.

The $1.75 billion private offering includes a 0% interest rate and is due in 2032. Initial purchasers have the option to buy an additional $250 million in notes. The notes are convertible into cash, GME stock, or a mix based on GameStop’s decision.

GameStop reported a $44.8 million profit in the first quarter, but revenues fell 17% to $732.4 million, missing expectations and leading to a significant after-hours drop. GME shares have fallen 18.5% since the first Bitcoin purchase on May 28, erasing gains made since March 25 when Bitcoin investment plans were announced.

Read more at Cointelegraph: GameStop Falls 11% After $1.75B Note Offering