Bitcoin (BTC) purchases from video game retailer GameStop (GME) could be imminent or may have already begun after the company closed on its offering of $1.3 billion of five-year convertible notes.
The $200 million greenshoe option was fully exercised by the initial purchaser, bringing the total amount of the sale to $1.5 billion. Net proceeds to the company after fees were $1.48 billion, according to a filing Monday after the close of U.S. trading.
Alongside its fourth quarter earnings report last week, GameStop — led by its CEO Ryan Cohen — announced full board approval of an update to the company investment policy to add bitcoin to the GME balance sheet.
GME shares rose 1.35% during the regular session on Monday and are up another 0.8% in after hours action. Bitcoin remains modestly higher over the past 24 hours at $84,900.