宣布比特币（BTC）财政策略后，GameStop（NYSE：GME）股票大幅下降

GameStop（NYSE：GME）最近宣布了使用通过可转换债券筹集的13亿美元向公司财政部添加比特币（BTC）的计划。

GameStop (NYSE:GME) recently announced plans to add Bitcoin (BTC) to its corporate treasury using $1.3 billion raised through convertible bonds. The announcement, which came shortly after what many considered positive earnings results, led to a counterintuitive sharp decline in the company’s stock price. This financing approach, as detailed in a recent HighStrike newsletter, brings with it complex implications for shareholders. The newsletter offers valuable insights into why what seems like bullish news can sometimes lead to bearish short-term price action, and what it might take for this strategy to eventually pay off for investors.

GameStop（NYSE：GME）最近宣布了使用通过可转换债券筹集的13亿美元向公司财政部添加比特币（BTC）的计划。该公告是在许多人认为积极收益结果之后不久发出的，导致公司股价急剧下降。这种融资方法，正如最近的一份《 Highstrike新闻通讯》中所详述的那样，它对股东带来了复杂的影响。该新闻通讯提供了宝贵的见解，介绍了为什么看似看似新闻有时会导致短期价格行动，以及该策略最终为投资者带来回报所需的方式。

GameStop’s Bitcoin Strategy: Following the MicroStrategy Playbook

GameStop的比特币策略：遵循MicroStrategy剧本

A recent newsletter from HighStrike analyzes GameStop’s sharp stock decline following its announcement of a $1.3 billion convertible bond issuance to fund Bitcoin purchases. Despite the company disclosing positive earnings news and its intent to add Bitcoin to its balance sheet, which some might view as bullish, GameStop shares still dropped over 25% on Thursday, falling from nearly $30 to around $22.

Highstrike最近的一条新闻通讯分析了GameStop宣布向比特币购买资金的13亿美元可转换债券发行后的巨额股票下跌。尽管该公司披露了积极的收益新闻，并打算将比特币添加到资产负债表中，但有些人可能将其视为看涨，但GameStop股票在周四仍然下降了25％，从近30美元下降到22美元左右。

According to HighStrike, GameStop is following in the footsteps of companies like MicroStrategy (NASDAQ:MSTR) and Marathon Digital Holdings (NASDAQ:MARA), which have used similar financing strategies for their Bitcoin acquisitions. These convertible bonds offer investors a 0% yield along with the right to convert into shares in 2030, essentially functioning as low-risk, long-term equity positions with seniority over shareholders in potential bankruptcy scenarios.

根据Higstrike的说法，GameStop正在跟随MicroStrategy（NASDAQ：MSTR）和Marathon Digital Holdings（NASDAQ：MARA）等公司的脚步，这些公司对其比特币的批准使用了类似的融资策略。这些可转换债券为投资者提供了0％的收益率，并有权在2030年转化为股票，在潜在的破产场景中，具有低风险的长期股权头寸，具有与股东相比的资历。

While the issuance benefits GameStop by providing immediate cash without interest payments until 2030, shareholders face a $1.3 billion dilution risk. This occurs because bondholders typically hedge their positions by shorting the stock or selling short-dated calls, creating ongoing sell pressure that suppresses the share price.

虽然发行通过直至2030年的现金提供现金，但股东面临13亿美元的稀释风险，而发行的发行福利。之所以发生这种情况，是因为债券持有人通常通过缩短股票或出售短期电话来对冲自己的职位，从而造成持续的卖出压力，从而抑制了股价。

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The Bitcoin Price Threshold is $110,000 for Shareholders

股东的比特币价格门槛为110,000美元

HighStrike’s newsletter suggests that for GameStop, MicroStrategy, and Marathon to achieve significantly higher stock prices, Bitcoin may need to reach what they call “exit velocity” – breaking above $110,000 and surpassing these companies’ average purchase prices. Only at that point might fresh demand for these stocks outpace the dilutive pressure from bondholder hedging.

Highstrike的新闻通讯建议，对于GameStop，MicroStrategy和Marathon来说，要达到更高的股票价格，比特币可能需要达到他们所谓的“退出速度” - 折扣超过110,000美元并超过这些公司的平均购买价格。只有在这一点上，对这些股票的需求可能会超过债券持有人对冲的稀释压力。

The newsletter further highlights how the convertible notes from both MicroStrategy and Marathon will likely keep the share prices range-bound in the short term. For example, it mentions MicroStrategy’s convertible notes with conversion prices ranging from $433.43 to $2,043.32 per share, and Marathon’s with conversion prices around $25.91 and $34.58. Despite both companies increasing their Bitcoin holdings (with MSTR now holding over 506,000 BTC), their stocks have consistently traded below these thresholds due to hedging pressure.

该新闻通讯进一步强调了MicroStrategy和Marathon的可转换笔记如何在短期内保持股价范围限制。例如，它提到MicroStrategy的可转换票据，转换价格从433.43美元到每股2,043.32美元不等，而Marathon的转换价格约为25.91美元和34.58美元。尽管两家公司都增加了其比特币持有量（MSTR现在持有超过506,000 BTC），但由于对冲压力，他们的股票一直低于这些阈值。

HighStrike concludes with a warning to short-dated options buyers, noting the significant losses experienced by 3/28 call buyers during Thursday’s selloff, with most calls set to expire worthless. Until Bitcoin experiences a major breakout, analysts expect GameStop and other Bitcoin-holding public companies to likely stay range-bound.

Highstrike在周四的抛售期间指出了3/28拨打购买者遭受的巨大损失，并指出了短期期权购买者的警告，并指出了大多数电话将使毫无价值。在比特币经历重大突破之前，分析师希望GameStop和其他持有比特币的上市公司可能会停留范围。

This analysis was provided by the HighStrike trading team and is featured in their daily newsletter, Bull Whisper. To sign up for Bull Whisper and get free trade ideas and analysis delivered to you premarket each day, click here.

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