宣布比特币购买Saylor Playbook后，GameStop（NYSE：GME）跌倒22％

GameStop（NYSE：GME）正在大胆地尝试通过模仿Michael Saylor的比特币剧本来恢复其陷入困境的业务。但是，市场反应表明，投资者没有购买视频游戏零售商的加密货币。尽管最初激增，该公司宣布将发行可兑换债务13亿美元以购买比特币（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.

为了大胆地挽救其挣扎的业务，GameStop（NYSE：GME）正在模仿Michael Saylor的比特币剧本。但是早期的迹象表明，投资者没有购买视频游戏零售商的加密赌注。

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

在该公司宣布将发行可兑换债务的13亿美元以购买比特币（BTC）后，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.

此举反映了MicroStrategy（NASDAQ：MSTR）在其联合创始人下使用的积极的比特币采集策略，也引起了投资者的批评。

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

尽管在2024年举行了三位数的集会，但GameStop股票在周一之前的上市交易中增长了9％。

GameStop Goes Full Saylor With Bitcoin Strategy

GameStop通过比特币策略完整的Saylor

GameStop通过比特币策略完整的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，将在私人安置中发行可转换优先债券，总购买价为10亿美元。该公司还向购买者授予债券的购买者，具有多达3亿美元可兑换优先债券的超额承包特权。

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.

这些债券将以每年5.0％的利率产生利息，并于2028年3月31日成熟。它们将以每$ 1,000 $ 1,000的本金债券的初始转换率为27.78股普通股的初始转换率转换为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.

这意味着这些债券将以每股普通股约36.00美元的初始总锻炼价格完全转换。但是，在某些情况下，转化率和转换价格将受到调整。

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

Gamestop董事长兼首席执行官Mike Wu宣布此举：

“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.”

“这种机会主义的融资使Gamestat能够以有利的条件以最低限度稀释来进一步加强其资产负债表。我们正在发行以低利率的可转换优先债券，高于当前股价的高额溢价，为新投资者提供了独特的投资机会。”

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.

该公司还宣布，它已与一群银行签订了为期5年的循环信贷设施协议，最初的承诺为4亿美元，可以随着时间的推移而扩展。该设施将于2028年3月成熟，可用于一般公司目的。

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.

尽管该公司没有透露其计划购买多少比特币，但目前的价格约为每BTC 85,368美元，但整个13亿美元的比特币可能会收购约15,228个比特币。这将使GameStop成为加密货币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拥有506,137个比特币，其以337亿美元的价格购买，平均价格为每枚硬币66,608美元。但是，与MicroStrategy（一家具有正现金流量的企业软件公司）不同，Gameshot是一家零售业务，一直在报告损失。

Investors Reject the Crypto Pivot

投资者拒绝加密透明枢纽

投资者拒绝加密透明枢纽

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.

投资者没有被GameStop购买比特币的举动留下深刻的印象，而是对金融工程的绝望尝试。尖锐的抛售表明对公司的战略引起了人们的深切关注，尽管已经拥有大量现金储备，但涉及承担潜在稀释债务。

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

Gamestop在其资产负债表上以48亿美元的现金，同等投资和短期投资结束了2024财年。

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.

该公司没有利用现金ho积，而是选择了可转换债务发行，如果债券最终转换为股权，这可能会导致股东稀释。

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

此外，债券的利率为5.0％，考虑到当前的低利率环境，这相对较高。

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.

比特币的赌博也是在GameStop的核心业务恶化的时候出现的。随着游戏玩家越来越多地转向数字下载和在线游戏平台，零售商一直在关闭商店并失去市场份额。

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关闭了近600家商店，在最近的收益公告中，它暗示了2025财年的更多关闭。随着实体游戏销售不满意，该公司的收入继续下降。

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.

通过与比特币枢纽，GameStop似乎正在寻求与财务相关性的捷径，希望利用加密市场上升。但是投资者似乎认为这一举动是对公司基本问题的冒险分散注意力。

Why the Market is Skeptical

为什么市场持怀疑态度

为什么市场持怀疑态度

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

尽管比特币最近的激增引起了公司的新兴趣，但GameStop的决定引起了危险信号，原因有几个：

* 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.

*挣扎的零售业务：与建立现金流量强的成熟科技公司不同，GameStop是一家零售连锁店，一直在努力适应不断变化的游戏景观。该公司报告说，2024财年的净亏损为10.3亿美元，其收入一直在稳步下降。

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

*稀释融资：为了购买比特币，GameStop正在发行可转换优先债券，如果债券完全转换为股东，这可能会导致股东稀释