Just 24 Hours After Adding Its Name to the Roster of Companies Pursuing a Bitcoin (BTC) Treasury Strategy, GameStop (GME) — Led by Its CEO Ryan Cohen — Is Also Adding Its Name to Those Firms Issuing Convertible Debt to Raise Funds for BTC Acquisition

Just 24 hours after adding its name to the roster of companies pursuing a bitcoin (BTC) treasury strategy, GameStop (GME) — led by its CEO Ryan Cohen — is also adding its name to those firms issuing convertible debt to raise funds for BTC acquisition.

GameStop is issuing $1.3 billion of convertible senior notes with a 0% coupon and five-year maturity, the company said Wednesday evening. The paper will also carry no interest payments.

The paper will be sold in an aggregate amount of $1.3 billion, with an underwriter greenshoe of up to an additional $200 million. It will have a five-year maturity and will not bear interest.

“GameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin in a manner consistent with GameStop’s Investment Policy,” the press release stated.

The move adds GameStop to the ranks of firms issuing convertible debt to raise funds for bitcoin acquisition. Among the publicly traded companies that have already done so this year are Michael Saylor’s Strategy (NASDAQ:MSTR), Semler Scientific (NASDAQ:SMLR), MARA Holdings (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT).

In recent months, several companies have begun allocating a portion of their treasury reserves to bitcoin, emulating the strategy of Saylor’s company. Among the firms that have done so to a significant degree are Block (NYSE:SQ), ARK Management and Coinbase (NASDAQ:COIN).

GameStop shares fell 7% in after-hours trade, following a 11.7% gain in the regular session on Wednesday. The stock had surged in recent days on reports that the company’s losses were narrowing and that it planned to apply for an esports license in Washington state.

Meanwhile, bitcoin appears to be bouncing off of its worst levels of the day on the news. The cryptocurrency is now trading above $87,000, minutes after falling to lows of $86,000.