GameStop has increased its convertible senior notes offering from $1.75 billion to $2.25 billion, as revealed in a press release. Despite holding stable on Friday, the company's shares plummeted 24% over the week following news of the bond offering. Previously, shares traded at about $28.36 when the company signaled plans to buy Bitcoin in late March. The new convertible bonds will carry no interest and are priced for conversion at approximately $28.91 per share, a 32.5% premium to the stock's recent average. GameStop reiterated that the funds raised will support general corporate purposes including potential acquisitions. The video game retailer recently acquired 4,710 Bitcoin but has not clarified its future cryptocurrency purchasing strategies. GameStop's notable pivot to trading cards, which accounted for 29% of its first-quarter sales, underscores its shift away from traditional gaming retail as it seeks new revenue streams.

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