GameStop Corp. has filed a Form 8-K with the SEC regarding the full exercise of a $450 million Greenshoe option from its private offering of convertible senior notes. This raises the total value of its convertible notes to $2.7 billion. The company has updated its investment policy to include Bitcoin as a treasury reserve asset, allowing it to invest the raised capital in Bitcoin and other corporate purposes. The strong interest from institutional investors led to this move, with the notes potentially convertible into new shares in the future.
"In connection with the Greenshoe Exercise, the Company received gross proceeds of $450 million and net proceeds... of approximately $446.6 million ... to use for general corporate purposes, including making investments in a manner consistent with the Company's Investment Policy."
"The Company added Bitcoin to its investment policy earlier this year... So with the newly raised capital, Bitcoin is now an asset that the company is officially allowed to purchase and hold."
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