GameStop has raised $450 million through a follow-on issuance of notes, which may be used to purchase BTC.

Video game retailer GameStop (GME) raised another $450 million through a follow-on offering of zero-coupon convertible senior notes in a June 25 filing with the Securities and Exchange Commission (SEC) on Tuesday. The additional offering comes just a week after its first $2.25 billion private placement, bringing the total to $2.7 billion. The company said the additional offering was exercised pursuant to a 13-day option granted to the initial purchaser, who exercised the so-called "greenshoe option" in full. The notes due 2032 are convertible into GameStop Class A common stock at a price of $28.91 per share, representing a 32.5% premium to the volume-weighted average share price at the time of the initial offering on June 12. The proceeds will be used for general corporate purposes and "investments consistent with GameStop's investment policy," including the allocation of Bitcoin (BTC) as a treasury reserve asset. GameStop is one of a growing number of publicly traded companies that have adopted a crypto asset reserve strategy, and its approach to raising funds to allocate crypto assets such as BTC through stock offerings and bond issuances is similar to Michael Saylor's MicroStrategy (MSTR) strategy. The company spent about $500 million on 4,710 bitcoins for the first time after closing a $1.3 billion convertible bond offering in May this year.