GameStop Targets Crypto: $1B In Convertible Senior Notes For Bitcoin Purchase
GameStop, the video game retail company, experienced a significant downturn in its stock (GME) price, sliding more than 8% in after-hours trading on Wednesday, following the announcement that the company plans to raise $1.3 billion to invest in Bitcoin (BTC) through the issuance of convertible senior notes. This move comes just a day after GameStop shares surged nearly 12% when the company revealed that its board had unanimously approved an update to its investment policy, designating Bitcoin as a treasury reserve asset. GameStop Planned Bitcoin Investment The planned investment in....
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The publicly listed company Microstrategy announced that it has plans to purchase more bitcoin after acquiring 71,079 bitcoin during the last six months. On Tuesday, Microstrategy revealed its plans to sell $600 million in convertible senior notes to qualified institutional buyers in order to use the funds for bitcoin. Selling Convertible Notes for Bitcoin At around 7:59 a.m. (EST) on Tuesday morning, Microstrategy (Nasdaq: MSTR) CEO, Michael Saylor tweeted about a new private sale his firm is committing to in order to sell $600 million in convertible senior notes. Microstrategy’s....
Mobile games maker Zynga, known best for Words With Friends and Farmville, has revealed a $750 senior convertible note offering that could potentially end up in Bitcoin. Here are all the oddly coincidental details that mimic the timing of the Michael Saylor-led MicroStrategy convertible note offering that was used to purchase a large sum of the cryptocurrency. Setting A Precedent: MicroStrategy Buys Bitcoin With Convertible Notes A bull market was brewing in Bitcoin whether bears […]
Today Marathon Digital Holdings, one of the largest publicly-traded Bitcoin miners in North America, announced a proposed convertible senior notes offering.
Software firm MicroStrategy has cemented its position as a major Bitcoin player with its numerous large purchases. The company which is valued at $1 billion had put a significant portion of its own funds into buying BTC but the majority of the money used to purchase all of the bitcoin had been from loans. These loans which include convertible notes, senior secured loans, and bitcoin-backed loans account for $2.4 billion of its $3.97 billion BTC purchases. How The Loans Look MicroStrategy had used convertible notes to fund a good portion of its bitcoin holdings. These notes are converted....
On Monday, the enterprise bitcoin mining operation Marathon Digital Holdings announced the firm will raise $500 million from convertible senior notes in order to accrue more “bitcoin or bitcoin mining machines.” Publicly-Listed Mining Operation to Raise $500M From Debt Markets to Purchase Bitcoin and ASIC Devices Marathon (Nasdaq: MARA), is one of the largest U.S. mining operations and on November 15, the firm revealed it plans to utilize debt markets for “general corporate purposes, including the acquisition of bitcoin or bitcoin mining machines.” The news....