GameStop fails to woo traders with $450M raise, possibly for Bitcoin
Vincent Liu, the chief investment officer at Kronos Research, said buying Bitcoin alone isn’t enough to increase a company’s stock price; there needs to be a clear plan.
GameStop shares have traded sideways despite another $450 million raise as part of its private convertible note offering for investments, which could include Bitcoin.
The retailer disclosed to the US Securities and Exchange Commission on Monday that someone who opted into the initial $2.25 billion note offering has decided to purchase an additional $450 million.
The funds have been earmarked for general corporate purposes, including investments and potential acquisitions. Bitcoin (BTC) wasn’t specifically mentioned, but the retailer has flagged plans for growing a treasury in the past.
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