GameStop通过筹集1.5B美元将比特币整合到其资产负债表中而违反了期望

这家电子游戏零售商以市场波动和地位而闻名，再次通过可转换债务发行筹集了15亿美元。

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。这家视频游戏零售商以其市场波动和不断变化的位置而闻名，它宣布了一项计划，该计划将通过可转换债务发行以将比特币整合到资产负债表中筹集15亿美元。

A company caught between a turbulent legacy and crypto ambitions

一家公司在动荡的遗产和加密志向之间陷入困境

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最初计划筹集13亿美元，由于投资者对可转换债券的浓厚兴趣，GameStop已设法超过了这笔款项。总体而言，这些债券总共将投资15亿美元，到2030年，可以以33股的初始转换率以1,000美元的价格兑换股票。债务和权益合并的未来。

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.

一些分析师已经注意到了一个不太可能的情况：在比特币方面，没有持有人渴望以当前价格出售，这一因素可能会解释市场不冷不热的反应。的确，GME股票在关闭时仅上涨了1.34％，随后在下班后交易中略有增加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%.

胆怯的反应与3月26日在比特币回购的最初宣布的12％相反的形成鲜明对比，对BTC价格没有真正的影响。但是欣喜是短暂的：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.

对于分析师而言，这是一种症状：超越加密热情，对GameStop的商业模式的怀疑仍然是经过多年的动荡，仍在寻求稳定。这种矛盾反映了更深的困境。可转换债务降低借贷成本，但可能会稀释股东价值。微妙的平衡，GameStop依靠比特币来增强信心。加密货币是否足以改变仍然被视为投机的象征的公司的形象还有待观察。

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

Gamestop加入了“对比特币友好”公司的排名：战略还是时尚？

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的董事会批准了从现金储备中获取比特币和Stablecoins的购买，现在估计为47.7亿美元。

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?

这项决定将零售商与像Microstrategy这样的巨头（富含比特币富含资产负债表的先驱）等巨人一致。但是，GameStop迟到了这项倡议。为什么现在？

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

该公司已经对加密货币调情，该公司于2022年推出了数字钱包，由于监管困难，该钱包很快被放弃了。

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，向比特币的转变似乎不像是一种创新，而更像是一个经过计算的重新定位。引发问题的举动是：这是一种长期策略还是试图驾驶波动浪潮的尝试，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的历史背景增加了一层具有讽刺意味。 2021年，GME股票成为个人投资者对华尔街起义的旗帜。

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，该公司正在整合一个经常因引发猜测而受到批评的资产。一个无法逃脱观察者的悖论：可以将比特币视为财务解放的工具，有助于恢复公司寻找合法性的形象？

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。通过将比特币整合到资产负债表中，该公司押注了重新获得信誉与财务绩效一样。尽管该计划的成功仍然不确定，但它突出了一个更广泛的趋势：加密资产甚至吸引了传统参与者寻找新章节。

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.

在希望和怀疑主义之间，一件事很明显：GameStop继续从人迹罕至的故事中写下它的故事。比特币会成为其光荣的新章节还是简短的一集？只有时间才能说明，特别是考虑到该公司在2025年第一季度亏损16.3亿美元的业绩。