GameStop has increased its offering of convertible senior notes to $2.25 billion from the originally announced $1.75 billion. This move follows a significant drop in the company’s shares, which fell 24% over the week despite a stabilization on Friday. The company’s shares were priced around $22.14 at the close. GameStop, based in Grapevine, Texas, recently purchased 4,710 Bitcoin and aims to use proceeds from the bond offering for corporate purposes and potential acquisitions. The conversion price for the new bonds is set at approximately $28.91 per share, reflecting a 32.5% premium. GameStop continues to navigate challenges in profitability while diversifying its interests, including a focus on trading cards, which have become a notable part of its business strategy after its NFT marketplace was discontinued earlier this year. CEO Ryan Cohen has indicated that future Bitcoin purchases will not be disclosed ahead of time.

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