GameStop announced $ 2.25 billion in debt this week and its action collapsed on the stock market. While these funds could partly be used to buy more bitcoins, does that mark the start of an awareness of “Bitcoin Treasury Companies”?
Gamestop announces $ 2.25 billion in debt and falling on the stock market
Wednesday, The Gamestop video game specialist announced an offer of $ 1.75 billion in convertible bondsbefore reviewing it on Thursday for a total of $ 2.25 billion.
The sale must be finalized on June 17, and if this is not specified explicitly and that the conditional is required, it is a safe bet that these liquidity will at least be used in part to finance bitcoin purchases:
GAMESTOP estimates that the net product of the offer will amount to around 2.23 billion dollars […]. GAMESTOP intends to use the net product of the offer for general purposes of the company, in particular by making investments in a manner in accordance with the investment policy of GAMESTOP and the potential acquisitions.
With already 4,710 BTC bought last month, the company is positioned in the 13th position of listed companies holding the most bitcoins. To date, this cash is equivalent to nearly $ 500 million.
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On the stock market precisely, The GME action of Gamestop was heavily sanctioned after the announcement. Since Wednesday, the day of the formalization of this first debt program, the title has actually dropped by more than 26 %:
Gamesop action courses in daily data
While the title is exchanged at $ 22.14 per share, for a capitalization of $ 9.9 billion, investors may not necessarily appreciate the changes that are at work. Last March, the company had already issued $ 1.3 billion in convertible bonds and this raises issues on which we came back in more detail recently as to debt lifting to finance Bitcoin cash.
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In the short term, we will be able to see if this fall on the stock market is more of a course accident, or if we are already At the start of an awareness of the market as to these famous “Bitcoin Treasury Companies”.
In the meantime, the BTC sees its price up 0.9 % in 24 hours at the time of writing these lines, at 105,400 dollars.
Trade Republic: buy cryptos and actions in 5 minutes
Sources: GameStop, TradingView
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Since 2021, I have devoted my free time to seriously train myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to carry out interviews with influential personalities from the blockchain industry. I also conduct in -depth analyzes on web3 themes to offer exclusive content to cryptoast readers.
Vincent Mayor
1870 articles
