Everything You Need to Know About GameStop’s Plan to Start Buying Bitcoin

GameStop is diving deeper into Bitcoin. The retailer has raised over $4 billion through convertible note sales this year, and it plans to use a chunk of that to build a Bitcoin treasury.

GameStop’s Convertible Note Play

In March 2025, GameStop issued $1.48 billion in convertible notes, a type of debt investors can later turn into equity. A filing with the SEC revealed that proceeds would go toward “general corporate purposes, including the acquisition of Bitcoin.”

That promise became reality in May when GameStop purchased 4,710 BTC, worth roughly $513 million at the time, marking the company’s first official Bitcoin buy.

This month, GameStop doubled down. A second convertible note offering raised $2.25 billion, with investors quickly exercising an option to purchase an additional $450 million, bringing the total raised to $2.7 billion in June alone.

GameStop’s move mirrors MicroStrategy’s Bitcoin strategy, which used corporate debt to accumulate over 200,000 BTC. Strategy’s stock now effectively trades as a Bitcoin ETF with leverage.

While GameStop hasn’t gone that far, its board appears to see Bitcoin as a potential lifeline. The company has faced years of declining retail performance and sees crypto as a hedge, a growth bet, or maybe even both.

If the company allocates most of its new war chest to BTC, its holdings could rival Strategy’s on a relative basis, representing nearly a third of GameStop’s total market cap.

A Company-Wide Pivot?

For now, GameStop is a retailer with a speculative treasury strategy. But if Bitcoin appreciates and GameStop continues to issue debt to buy more, it could evolve into a crypto proxy, a high-beta Bitcoin stock, or even a new kind of hybrid public company.