In a filing with the SEC on April 1, the video game retailer reported that it had completed a private offering of $1.5 billion in Convertible Senior Notes due 2030, including the full exercise of the initial purchaser’s option for an additional $200 million.

The filing specifically mentioned Bitcoin in the “Proceeds” section. It stated that GameStop expects to use the net proceeds from the offering for “general corporate purposes, including the acquisition of Bitcoin in a manner consistent with the company’s investment policy.”

This suggests that part of the $1.48 billion in net proceeds from these convertible notes could be used to purchase BTC.

JUST IN: GAMESTOP COMPLETES ITS $1.5B STOCK OFFERING

GAMESTOP NOW HAS $1.5B TO BUY $BTC https://t.co/SM9Nnsv8wE pic.twitter.com/Nf32AwTfaw

Another Corporate BTC Buyer

The offering is essentially a loan, in which the company borrows money and promises to repay it by a specific date, the maturity date.

The “Senior” status means these notes have priority over other debts if the company goes bankrupt, and the “Convertible” feature means that holders can convert the notes into a predetermined number of the company’s shares instead of receiving cash repayment.

In late March, GameStop’s board unanimously approved an update to add BTC to its investment policy. GameStop will join the ranks of Strategy, Tesla, and Metaplanet as a corporate Bitcoin investor.

Company stock (GME) has gained almost 7% since the beginning of this week, when it traded below $21 briefly. It is down 28% since the beginning of this year but has doubled since the same time last year.

No Reaction From BTC Prices

Despite the positive development and Tether announcing the expansion of its Bitcoin holdings with a $735 million purchase in Q1, there was little reaction in BTC prices.

BTC is up marginally on the day but has fallen back from its intraday high of $85,438 to trade at around $84,300 during the Wednesday morning Asian session.

The asset has lost around 3.5% over the past seven days and has remained range-bound for the past month or so.

Total crypto market capitalization declined marginally on the day and was around $2.8 trillion at the time of writing, down 17.5% since the beginning of this year.