宣布比特幣購買Saylor Playbook後，GameStop（NYSE：GME）跌倒22％

GameStop（NYSE：GME）正在大膽地嘗試通過模仿Michael Saylor的比特幣劇本來恢復其陷入困境的業務。但是，市場反應表明，投資者沒有購買視頻遊戲零售商的加密貨幣。儘管最初激增，該公司宣布將發行可兌換債務13億美元以購買比特幣（BTC），但GME股票跌幅22％。

In a daring attempt to salvage its struggling business, GameStop (NYSE:GME) is emulating Michael Saylor’s Bitcoin playbook. But early indications suggest that investors aren't buying into the video game retailer’s crypto gamble.

為了大膽地挽救其掙扎的業務，GameStop（NYSE：GME）正在模仿Michael Saylor的比特幣劇本。但是早期的跡象表明，投資者沒有購買視頻遊戲零售商的加密賭注。

GME stock plunged 22% after the company announced it would issue up to $1.3 billion in convertible debt to purchase Bitcoin (BTC).

在該公司宣布將發行可兌換債務的13億美元以購買比特幣（BTC）後，GME股票下跌了22％。

The move, which mirrors the aggressive Bitcoin acquisition strategy used by MicroStrategy (NASDAQ:MSTR) under its co-founder, also drew criticism from investors.

此舉反映了MicroStrategy（NASDAQ：MSTR）在其聯合創始人下使用的積極的比特幣採集策略，也引起了投資者的批評。

Despite a triple-digit rally in 2024, GameStop shares had risen 9% in premarket trading by Monday.

儘管在2024年舉行了三位數的集會，但GameStop股票在周一之前的上市交易中增長了9％。

GameStop Goes Full Saylor With Bitcoin Strategy

GameStop通過比特幣策略完整的Saylor

GameStop通過比特幣策略完整的Saylor

GameStop said it would issue convertible preferred bonds in a private placement with a total purchase price of $1 billion. The company also granted the purchasers of the bonds an oversubscription privilege of up to an additional $300 million of convertible preferred bonds.

GameStop表示，將在私人安置中發行可轉換優先債券，總購買價為10億美元。該公司還向購買者授予債券的購買者，具有多達3億美元可兌換優先債券的超額承包特權。

The bonds will accrue interest at a rate of 5.0% per year and mature on March 31, 2028. They will be convertible into shares of GameStop common stock at an initial conversion rate of 27.78 shares of common stock for each $1,000 principal amount of the bonds.

這些債券將以每年5.0％的利率產生利息，並於2028年3月31日成熟。它們將以每$ 1,000 $ 1,000的本金債券的初始轉換率為27.78股普通股的初始轉換率轉換為GameStop普通股。

This means the bonds will be fully convertible at an initial aggregate exercise price of approximately $36.00 per share of common stock. However, the conversion rate and the conversion price will be subject to adjustment in certain instances.

這意味著這些債券將以每股普通股約36.00美元的初始總鍛煉價格完全轉換。但是，在某些情況下，轉化率和轉換價格將受到調整。

Announcing the move, GameStop chairman and CEO, Mike Wu, said:

Gamestop董事長兼首席執行官Mike Wu宣布此舉：

“This opportunistic financing allows GameStat to further strengthen its balance sheet with minimum dilution at favorable terms. We are issuing convertible preferred bonds with a low interest rate and a substantial premium over the current share price, providing a unique investment opportunity for new investors.”

“這種機會主義的融資使Gamestat能夠以有利的條件以最低限度稀釋來進一步加強其資產負債表。我們正在發行以低利率的可轉換優先債券，高於當前股價的高額溢價，為新投資者提供了獨特的投資機會。”

The company also announced that it had entered into a 5-year agreement for a revolving credit facility with a group of banks, with an initial commitment of $400 million, expandable over time. The facility will mature in March 2028 and may be used for general corporate purposes.

該公司還宣布，它已與一群銀行簽訂了為期5年的循環信貸設施協議，最初的承諾為4億美元，可以隨著時間的推移而擴展。該設施將於2028年3月成熟，可用於一般公司目的。

While the company did not disclose how much Bitcoin it plans to buy, at the current price of approximately $85,368 per BTC, the full $1.3 billion could acquire roughly 15,228 Bitcoin. That would make GameStop one of the largest corporate holders of the cryptocurrency.

儘管該公司沒有透露其計劃購買多少比特幣，但目前的價格約為每BTC 85,368美元，但整個13億美元的比特幣可能會收購約15,228個比特幣。這將使GameStop成為加密貨幣中最大的公司持有人之一。

For context, MicroStrategy owns 506,137 Bitcoin, which it purchased for $33.7 billion at an average price of $66,608 per coin. But unlike MicroStrategy—an enterprise software company with positive cash flow—GameShot is a declining retail business that has been reporting losses.

在上下文中，MicroStrategy擁有506,137個比特幣，其以337億美元的價格購買，平均價格為每枚硬幣66,608美元。但是，與MicroStrategy（一家具有正現金流量的企業軟件公司）不同，Gameshot是一家零售業務，一直在報告損失。

Investors Reject the Crypto Pivot

投資者拒絕加密透明樞紐

投資者拒絕加密透明樞紐

Instead of being impressed by GameStop’s move to buy Bitcoin, investors saw it as a desperate attempt at financial engineering. The sharp sell-off indicated deep concerns about the company’s strategy, which involves taking on potentially dilutive debt despite already having a large cash reserve.

投資者沒有被GameStop購買比特幣的舉動留下深刻的印象，而是對金融工程的絕望嘗試。尖銳的拋售表明對公司的戰略引起了人們的深切關注，儘管已經擁有大量現金儲備，但涉及承擔潛在稀釋債務。

GameStop ended fiscal 2024 with $4.8 billion in cash, equivalents, and short-term investments on its balance sheet.

Gamestop在其資產負債表上以48億美元的現金，同等投資和短期投資結束了2024財年。

Rather than tapping into its cash hoard, the company opted for convertible debt issuance, which could lead to shareholder dilution if the bonds are eventually converted into equity.

該公司沒有利用現金ho積，而是選擇了可轉換債務發行，如果債券最終轉換為股權，這可能會導致股東稀釋。

Moreover, the interest rate on the bonds is 5.0%, which is relatively high considering the current low-interest-rate environment.

此外，債券的利率為5.0％，考慮到當前的低利率環境，這相對較高。

The Bitcoin gamble also comes at a time when GameStop’s core business is deteriorating. The retailer has been closing stores and losing market share as gamers increasingly shift to digital downloads and online gaming platforms.

比特幣的賭博也是在GameStop的核心業務惡化的時候出現的。隨著遊戲玩家越來越多地轉向數字下載和在線遊戲平台，零售商一直在關閉商店並失去市場份額。

Last year, GameStop shuttered nearly 600 stores, and during its recent earnings announcement, it hinted at more closures in fiscal 2025. The company’s revenue continues to decline as physical game sales fall out of favor.

去年，GameStop關閉了近600家商店，在最近的收益公告中，它暗示了2025財年的更多關閉。隨著實體遊戲銷售不滿意，該公司的收入繼續下降。

By pivoting to Bitcoin, GameStop appears to be seeking a shortcut to financial relevance, hoping to capitalize on the rising crypto market. But investors seem to view the move as a risky distraction from the company’s fundamental problems.

通過與比特幣樞紐，GameStop似乎正在尋求與財務相關性的捷徑，希望利用加密市場上升。但是投資者似乎認為這一舉動是對公司基本問題的冒險分散注意力。

Why the Market is Skeptical

為什麼市場持懷疑態度

為什麼市場持懷疑態度

While Bitcoin’s recent surge has sparked renewed interest from corporations, GameStop’s decision raises red flags for several reasons:

儘管比特幣最近的激增引起了公司的新興趣，但GameStop的決定引起了危險信號，原因有幾個：

* Struggling retail business: Unlike established tech companies with strong cash flow, GameStop is a retail chain that has been struggling to adapt to the changing gaming landscape. The company reported a net loss of $1.03 billion for fiscal 2024, and its revenue has been declining steadily.

*掙扎的零售業務：與建立現金流量強的成熟科技公司不同，GameStop是一家零售連鎖店，一直在努力適應不斷變化的遊戲景觀。該公司報告說，2024財年的淨虧損為10.3億美元，其收入一直在穩步下降。

* Dilutive financing: To purchase Bitcoin, GameStop is issuing convertible preferred bonds, which could lead to shareholder dilution if the bonds are fully converted into

*稀釋融資：為了購買比特幣，GameStop正在發行可轉換優先債券，如果債券完全轉換為股東，這可能會導致股東稀釋