Plans to raise$ 1.3 billion to buy Bitcoin are part of GameStop Borrows ‘ Strategy Playbook.

Video game retailer GameStop announced on Wednesday that it intends to provide investors with up to$ 1.3 billion in convertible senior notes, drawing inspiration straight from Strategy’s Bitcoin-buying guidebook.

The Texas-based company stated in a media release that the price will be used for “general business purposes, including the acquisition of Bitcoin.” Following an upgrade to the bank’s purchase plan, GameStop announced it was order Bitcoin as a treasury reserve asset.

According to the media release, GameStop anticipates that its offering of convertible top notes will have a 0 % income. A change time and costs can be established at a later time to make the debt into GameStop’s course A common stock.

In order to raise more money for Bitcoin than it could then, Strategy has issued billions of dollars in convertible top notes. The business made its most recent giving of foldable bill in February, raising$ 2 billion via foldable notes due in March 2030.

Similar development dates are used for GameStop’s anticipated offering. The documents are anticipated to expire in April 2030, unless they have now been converted or are redeemed by GameStop.

When the information are converted at their own discretion, the retailer said holders of the retailer’s foldable top notes may get a mix of cash and shares.

During regular trading hours on Wednesday, GameStop shares increased 11 % to$ 28.38, as per Nasdaq. But, GameStop’s share price dropped to$ 26.63 in after-hours investing, though.

Ryan Cohen, the company’s CEO, made hints about the company’s tilt in Bitcoin. He posed in a pictures he posted to X last month alongside Strategy co-founder and executive president Michael Saylor.

Store is already stocked with cash, despite the possibility of using debt to purchase Bitcoin quickly. The Texas-based company, according to its most recent earnings review, had$ 4.7 billion in cash and cash equivalents. That was an increase of$ 921 million from the previous month.