GameStop raised 450 million USD through convertible notes, increasing its total to 2.7 billion USD in under two weeks. The funds are earmarked for acquiring Bitcoin and general business operations.
GameStop reported a 17% revenue decline in Q1 as they pivot towards cryptocurrency and collectibles, notably Pokémon cards, which have seen a remarkable sales boost.
CEO Ryan Cohen strategically uses debt for Bitcoin acquisitions, following MicroStrategy’s example. Despite facing skepticism, GameStop is also boosting its collectibles segment, attracting adult buyers.
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