GameStop通過籌集1.5B美元將比特幣整合到其資產負債表中而違反了期望

這家電子遊戲零售商以市場波動和地位而聞名，再次通過可轉換債務發行籌集了15億美元。

Once again, GameStop is defying expectations. The video game retailer, known for its market fluctuations and ever-shifting position, has announced an initiative that will see it raise $1.5 billion through convertible debt issuance to integrate bitcoin into its balance sheet.

GameStop再次反抗期望。這家視頻遊戲零售商以其市場波動和不斷變化的位置而聞名，它宣布了一項計劃，該計劃將通過可轉換債務發行以將比特幣整合到資產負債表中籌集15億美元。

A company caught between a turbulent legacy and crypto ambitions

一家公司在動蕩的遺產和加密志向之間陷入困境

Initially planning to raise $1.3 billion, GameStop has managed to exceed this amount thanks to strong interest from investors for the convertible bonds. In total, the operation will see $1.5 billion invested in these bonds, which can be exchanged for shares by 2030 at an initial conversion rate of 33 shares for $1,000. A future where debt and equity merge.

GameStop最初計劃籌集13億美元，由於投資者對可轉換債券的濃厚興趣，GameStop已設法超過了這筆款項。總體而言，這些債券總共將投資15億美元，到2030年，可以以33股的初始轉換率以1,000美元的價格兌換股票。債務和權益合併的未來。

Already, some analysts are noting an unlikely scenario: on the bitcoin side, no holder would be keen to sell at the current price, a factor that may explain the lukewarm reaction from the markets. Indeed, the GME stock only rose by 1.34% at closing, followed by a slight increase of 0.5% in after-hours trading.

一些分析師已經註意到了一個不太可能的情況：在比特幣方面，沒有持有人渴望以當前價格出售，這一因素可能會解釋市場不冷不熱的反應。的確，GME股票在關閉時僅上漲了1.34％，隨後在下班後交易中略有增加0.5％。

A timid reaction, in stark contrast to the jump of 12% observed on March 26 during the initial announcement of bitcoin buyback, with no real impact on the BTC price. But the euphoria was short-lived: the next day, the stock dropped by 24%.

膽怯的反應與3月26日在比特幣回購的最初宣布的12％相反的形成鮮明對比，對BTC價格沒有真正的影響。但是欣喜是短暫的：第二天，股票下跌了24％。

For analysts, this is a symptom: beyond the crypto enthusiasm persists doubt about GameStop’s business model, still seeking stability after years of turbulence. This ambivalence reflects a deeper dilemma. Convertible debts lower borrowing costs but potentially dilute shareholder value. A delicate balance, where GameStop is counting on bitcoin to boost confidence. It remains to be seen whether crypto will be enough to transform the image of a company still seen as a symbol of speculation.

對於分析師而言，這是一種症狀：超越加密熱情，對GameStop的商業模式的懷疑仍然是經過多年的動盪，仍在尋求穩定。這種矛盾反映了更深的困境。可轉換債務降低借貸成本，但可能會稀釋股東價值。微妙的平衡，GameStop依靠比特幣來增強信心。加密貨幣是否足以改變仍然被視為投機的象徵的公司的形像還有待觀察。

GameStop joins the ranks of “Bitcoin-friendly” companies: strategy or fad?

Gamestop加入了“對比特幣友好”公司的排名：戰略還是時尚？

On March 25, GameStop’s board of directors approved the purchase of bitcoin and stablecoins, drawing from its cash reserves — now estimated at $4.77 billion.

3月25日，GameStop的董事會批准了從現金儲備中獲取比特幣和Stablecoins的購買，現在估計為47.7億美元。

A decision that aligns the retailer with giants like MicroStrategy, a pioneer in bitcoin-enriched balance sheets. However, GameStop is arriving rather late to this initiative. Why now?

這項決定將零售商與像Microstrategy這樣的巨頭（富含比特幣富含資產負債表的先驅）等巨人一致。但是，GameStop遲到了這項倡議。為什麼現在？

The company had already flirted with crypto, launching a digital wallet in 2022, which was quickly abandoned due to regulatory difficulties.

該公司已經對加密貨幣調情，該公司於2022年推出了數字錢包，由於監管困難，該錢包很快被放棄了。

This shift towards bitcoin thus seems less like an innovation and more like a calculated repositioning. A move that sparks questions: is it a long-term strategy or an attempt to ride the wave of volatility, like with meme stocks?

因此，向比特幣的轉變似乎不像是一種創新，而更像是一個經過計算的重新定位。引發問題的舉動是：這是一種長期策略還是試圖駕駛波動浪潮的嘗試，例如使用Meme Stocks？

The historical context of GameStop adds a layer of irony. In 2021, the GME stock became the banner of a revolt by individual investors against Wall Street.

GameStop的歷史背景增加了一層具有諷刺意味。 2021年，GME股票成為個人投資者對華爾街起義的旗幟。

Today, the company is integrating an asset often criticized for sparking speculation. A paradox that does not escape observers: could bitcoin, seen as a tool for financial emancipation, help restore the image of a company in search of legitimacy?

如今，該公司正在整合一個經常因引發猜測而受到批評的資產。一個無法逃脫觀察者的悖論：可以將比特幣視為財務解放的工具，有助於恢復公司尋找合法性的形象？

GameStop is going all in. By integrating bitcoin into its balance sheet, the company is betting as much on regaining credibility as on financial performance. While the success of this initiative remains uncertain, it highlights a broader trend: crypto assets are attracting even traditional players in search of a new chapter.

GameStop正在全力以赴。通過將比特幣整合到資產負債表中，該公司押注了重新獲得信譽與財務績效一樣。儘管該計劃的成功仍然不確定，但它突出了一個更廣泛的趨勢：加密資產甚至吸引了傳統參與者尋找新章節。

Between hope and skepticism, one thing is clear: GameStop continues to write its story off the beaten path. Will bitcoin become its glorious new chapter or just a brief episode? Only time will tell, especially considering the company's performance with a $1.63 billion loss in the first quarter of 2025.

在希望和懷疑主義之間，一件事很明顯：GameStop繼續從人跡罕至的故事中寫下它的故事。比特幣會成為其光榮的新章節還是簡短的一集？只有時間才能說明，特別是考慮到該公司在2025年第一季度虧損16.3億美元的業績。