KEY POINTS
- GameStop previously announced its board has unanimously approved diversifying the company's portfolio to include $BTC
- The senior notes plan is very similar to how Strategy has acquired its $BTC over the years
- Strategy's Michael Saylor has been very active in lauding GameStop's decision
Video game retail giant GameStop has announced its plans to offer $1.3 billion in convertible senior notes to qualified institutional buyers, and an undisclosed amount will be used to acquire Bitcoin.
The big news came just a day after the gaming retailer, which evolved into a meme stock leader over the years, announced its board has unanimously agreed to diversify GameStop's investment portfolio to include Bitcoin.
GameStop Copies Strategy's $BTC Playbook
GameStop's announcement is very much a copy of how Strategy (formerly MicroStrategy), the world's largest corporate holder of BTC, manages its Bitcoin treasury.
The key features of GameStop's offering are as follows:
- A private offering
- $1.3 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2030
- The offering will be made to persons "reasonably believed to be qualified institutional buyers" as per Rule 144A under the amended Securities Act of 1933
The company noted that it is expecting to use the offering's net proceeds "for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop's Investment Policy."
While GameStop's playbook is very similar to Strategy, it's big news for the broader cryptocurrency space, considering how the company is already going big on Bitcoin.
To compare, Strategy, then MicroStrategy, made its first BTC purchase in mid-2020, acquiring 21,454 Bitcoin for approximately $250 million.
GameStop's exact Bitcoin purchases have yet to be determined, but based on its notes offering, it can be safe to conclude that it's betting big on the world's most valuable crypto asset while prices are low.
Michael Saylor Overjoyed by GameStop's Move
Bitcoiners and Bitcoin maximalists welcomed the big news, with many lauding GameStop for finally taking "the bold step" in adopting a Bitcoin treasury reserve.
One user said it appears "the conversation with [Michael] Saylor had an impact" on GameStop's recent decisions. Saylor is the executive chairman of Strategy and is a prominent BTC maximalist.
Welcome to Team Bitcoin, @RyanCohen. $GME 🚀 pic.twitter.com/ldGh7my9WM
— Michael Saylor⚡️ (@saylor) March 25, 2025
On Wednesday, Saylor posted a photo with GameStop CEO Ryan Cohen. "Welcome to Team Bitcoin," he wrote in the caption. The tech executive also started a poll on X, asking users what the minimum amount of Bitcoin GameStop should purchase "to be respected by Bitcoiners."
What’s the minimum amount of Bitcoin $GME needs to buy to be respected by Bitcoiners?
— Michael Saylor⚡️ (@saylor) March 26, 2025
Among the choices given were: "Just LARPing" at $50 million, Strategy's "Starter Kit" at $250 million, Tesla Tier at $1 billion, and "King Move" at over $3 billion. The survey is set to end Thursday morning.
A Bitcoin maximalist who goes by Alexes Nakamoto said he believes GameStop should "at least" acquire $1 billion worth of BTC.
GameStop is just one of a growing list of publicly listed companies that have adopted Strategy's Bitcoin strategic reserve, including Japan's Metaplanet and early adopter Tesla.
